1 week ago
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By STAN CHOE, AP Business Writer
NEW YORK (AP) — U.S. stocks slumped Monday after President Donald Trump ramped up his newest tariffs, while investors continued to punish companies that could be losers in the artificial-intelligence revolution.
The S&P 500 fell 1% after Trump said on Saturday that he would place temporary 15% tariffs on other countries. That’s up from the 10% rate he announced Friday following a Supreme Court ruling that struck down his sweeping “reciprocal” taxes on imports from around the world.
The Dow Jones Industrial Average dropped 821 points, or 1.7%, and the Nasdaq composite sank 1.1%.
Trump’s quick move toward more aggressive tariffs shows how much uncertainty still hangs over the global economy, even after the Supreme Court said the president lacked the legal authority to institu...
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