President Donald Trump on the White Home, Monday, April 14, 2025, in Washington. (AP Photograph/Manuel Balce Ceneta)
NEW YORK, United States — Europe eked out small features however Wall Avenue largely fell Tuesday as President Donald Trump added tariff threats on copper and prescription drugs to his broadening commerce agenda.
Trump introduced plans for a 50 p.c obligation on copper imports and a possible 200 p.c levy on prescription drugs a day after the White Home despatched letters to Japan, South Korea and different nations about tariffs to kick in August 1.
READ: Trump says to set 50% copper tariff, no extension to August deadline
The announcement set off a surge in copper costs, which vaulted round 10 p.c in New York, setting off a brand new report for the steel.
Wait and see
The impact on equities was extra muted. Each the Dow and S&P 500 completed modestly decrease after a rollercoaster day, whereas the Nasdaq was flat.
In distinction to Trump’s spring tariff bulletins, which despatched equities sharply decrease, the market is “considerably shaking it off,” stated Victoria Fernandez of Crossmark World Investments, who famous Trump’s report of tempering tariffs that have been initially extreme.
The market is in a “wait and see mode,” Fernandez stated.
EToro US funding analyst Bret Kenwell sees buyers as being torn between danger and alternative.
“Whereas commerce stress could also be on the rise once more, buyers ought to keep in mind that we’re only one session faraway from report highs within the S&P 500 and Nasdaq,” he stated.
Asian equities
Asian fairness markets ended largely greater, together with a 0.3 p.c achieve in Tokyo following the threatened 25 p.c US levy on Japan.
READ: Trump unveils first wave of steeper US tariffs in push for offers
“Tokyo’s resilience urged that buyers are treating the transfer as a headline danger relatively than a market-altering shock — at the very least for now,” stated David Morrison, senior market analyst at Commerce Nation.
Wendy Cutler, vp on the Asia Society Coverage Institute, stated the levies on Japan and South Korea “will ship a chilling message to others.”
“Each have been shut companions on financial safety issues,” she stated, including that corporations from each nations had made “important manufacturing investments within the US in recent times.”
Greenback, oil
READ: Most Asian markets rise as Trump sends tariff letters, delays deadline
The greenback was buying and selling combined towards principal rivals whereas oil costs recovered from earlier dips as Brent crude clambered again above the $70 mark.
JPMorgan Chase and Financial institution of America fell greater than three p.c and Goldman Sachs dropped practically two p.c following downgrades from HSBC Securities.
A notice from HSBC known as valuations of the banks “more and more stretched.” Whereas the banks’ working fundamentals “seem wholesome,” macro uncertainties and slower financial development “appear to be downplayed,” it stated.
Key figures at round 1545 GMT
New York – Dow: DOWN 0.4 p.c at 44,240.76 (shut)
New York – S&P 500: DOWN 0.1 p.c at 6,225.52 (shut)
New York – Nasdaq Composite: FLAT at 20,418.46 (shut)
London – FTSE 100: UP 0.5 p.c at 8,854.18 (shut)
Paris – CAC 40: UP 0.6 p.c at 7,766.71 (shut)
Frankfurt – DAX: UP 0.6 p.c at 24,206.91 (shut)
Tokyo – Nikkei 225: UP 0.3 p.c at 39,688.81 (shut)
Hong Kong – Hold Seng Index: UP 1.1 p.c at 24,148.07 (shut)
Shanghai – Composite: UP 0.7 p.c at 3,497.48 (shut)
Euro/greenback: UP at $1.1730 from $1.1709 on Monday
Pound/greenback: DOWN at $1.3592 from $1.3602
Greenback/yen: UP at 146.53 yen from 146.05 yen
Euro/pound: UP at 86.27 pence from 86.07 pence
West Texas Intermediate: UP 0.9 p.c at $68.33 per barrel
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Brent North Sea Crude: UP 0.8 p.c at $70.15 per barrel
