Wall St knocked lower by tariff jitters; Musk's political plan hits Tesla
By Sinéad Carew and Pranav
Kashyap
Mon July 7, 2025 4:42 PM
On Thursday, trade wars and budget bill concerns all went on the back burner, way back on the burners, with the excitement over the terrific jobs report. In fact, on Thursday, the tariff issues were widely considered to be in the rearview mirror. So what a difference a day makes. Today, with the announcement of new hefty tariffs on Japan, South Korea and others, as well as Tesla taking a major dive with Musk forming the all-new “America Party” to further challenge Trump, all three indexes also took a major dive.
Then, to make matters even worse, later in the day there were further announcements of big tariffs against Malaysia, Kazakhstan, South Africa, Laos, and Myanmar as well as threats against any country allying with the so-called BRICS nations. Thus, in one day, the so-called Peak Tariff became history and jitters are very much back on everyone’s radar. The one consolation is Trump’s pattern of walking back these threats and that is what investors are hoping for again. With the inflation sword back in view with the tariffs, this is also changing the Fed landscape on rate cuts. Today’s considerably low volume of only 16.5 billion vs the 18.2 billion average also highlights the cautious approach the market is now taking.
DJ: 44,828.53 +344.11 NAS: 20,601.10
+207.97 S&P: 6,279.36
+51.94 7/3
DJ: 44,406.36 -422.17 NAS: 20,412.52
-188.59 S&P: 6,229.98
-49.37 7/7
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