U.S. Stocks Close Higher After Trump’s Tariff Announcement
(MENAFN) U.S. stocks closed higher Monday following President Donald Trump’s announcement of new trade tariffs—30% levies targeting the European Union and Mexico, and a stark warning of 100% tariffs against Russia.
The Dow Jones Industrial Average edged up 0.2%, gaining 88.14 points to end at 44,459.65. The Nasdaq advanced 0.27%, or 54.8 points, to settle at 20,640.33, while the S&P 500 added 0.14%, or 8.81 points, closing at 6,268.56.
Trump revealed over the weekend that the United States will begin enforcing 30% tariffs on imports from the EU and Mexico starting August 1. The move jeopardizes ongoing trade negotiations between Washington and Brussels, as the EU had been racing to finalize a wide-ranging trade agreement this month.
In a social media post, Trump released a letter addressed to European Commission President Ursula von der Leyen formally notifying her of the tariff decision.
In response, von der Leyen expressed openness to finding common ground before the tariffs take effect and affirmed the bloc’s readiness to defend its interests: “We are ready to work toward an agreement with the US by Aug. 1 and vowed to take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures.”
EU trade chief Maros Sefcovic raised alarms on Monday, stating that the impending 30% duties would make meaningful trade “impossible.” He stressed that Brussels would "use every minute before the Aug. 1 deadline to reach a negotiated solution."
Across the Atlantic, Mexican President Claudia Sheinbaum voiced optimism about reaching a resolution prior to the tariff rollout. “We have a working group, and we hope to reach an agreement — that is our goal. There are also issues related to fentanyl and security on the table, and in that case, an agreement has already made some progress, always within the framework of respect for our sovereignty,” Sheinbaum said.
Separately, Trump escalated pressure on Moscow by threatening a sweeping 100% tariff on Russian goods if no breakthrough is achieved on ending the war in Ukraine within the next 50 days.
During a meeting at the White House with NATO Secretary General Mark Rutte, Trump voiced frustration with the Kremlin, stating he was “very unhappy” with Russia and “disappointed in President Vladimir Putin.”
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