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Stocks Slide as Trump’s Tariff Plans Boost Dollar | Closing Bell Analysis
Posted
July 7, 2025
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10:50Now PlayingStocks fell from all-time highs and the dollar climbed after President Donald Trump began unveiling his tariff plans, with the US setting levies for nations such as Japan, South Korea and South Africa starting in August — triggering a selloff in their currencies.
The S&P 500 slid about 1%, with megacaps leading losses as Tesla Inc. tumbled nearly 7% after Elon Musk announced he’s formed a political party, raising concern about his company’s outlook. Treasuries dropped, with longer-dated bonds underperforming. Emerging markets got hit as Trump warned he’d add extra tariffs on countries aligning with “the Anti-American policies of BRICS.”
Trump unveiled the first in a wave of promised letters that threaten to impose higher tariff rates on key trading partners, including levies of 25% on goods from Japan and South Korea. He also announced 25% rates on Malaysia and Kazakhstan, while South Africa would see a 30% tariff. Laos and Myanmar would face a 40% levy.
White House Press Secretary Karoline Leavitt said there would be around a dozen countries that receive notifications about their tariffs Monday directly from the president. Additional letters will be sent in the coming days, she said.
“Investors should be alert to headline risk,” said Fawad Razaqzada at City Index and Forex.com. “The scope for last-minute deals is high, but so too is the possibility of renewed trade tensions.”
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Sonali Basak, Emily Graffeo and Tim Stenovec.
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