
The US stock market opened lower, following similar moves in European and Asian markets, following US President Donald Trump's announcement to impose new tariffs on more than 90 countries.
All three major U.S. indexes: the Dow Jones Industrial Average, the S&P 500 and the Nasdaq, fell, with the Dow and S&P down about 1% and the Nasdaq down 1.5%.
Stock markets in Europe also fell, with the German DAX falling 1.5%.
In the United Kingdom, the FTSE 100 index also fell by 0.51%, according to the BBC.
Asian markets also fell this morning following Trump's tariff announcements.
Japan's Nikkei 225 index fell 0.66% today, while Australia's ASX 200 fell 0.92%.
Less "strict" tariffs than those in April
Trump raised tariffs on Canada from 25% to 35%, with Canadian Prime Minister Mark Carney saying he was “disappointed.” However, most Canadian products are exempt under a previous agreement.
The highest tariffs on Mexico were postponed for another 90 days, while Brazil was hit with 50% tariffs.
Trump first announced his tariff plan in April, causing chaos in the global economy, but later postponed it so that countries like the United Kingdom and trading blocs like the European Union could negotiate deals with Washington.
Overall, these tariffs are less aggressive than those the president threatened in April, although they are still significantly higher than at the beginning of the year.
But significant issues remain, particularly with the US's largest trading partner, China. However, the hit to global growth and the impact on prices paid by American consumers will be significantly limited by the fears expressed by economists in the spring.
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