US stock indices declined slightly during Tuesday trading as markets continued to assess the trade policies pursued by President Donald Trump’s administration.
The United States had previously set July 9 as the deadline for countries to reach a trade agreement, but US officials now say that tariffs will begin on August 1, and Trump stated that he would send letters to countries informing them of the tariff rates in the event no agreement is reached.
On Monday, US President Donald Trump announced that his administration would impose 25% tariffs on imports coming from South Korea and Japan starting from August 1, as part of a new round of letters to be sent to several foreign countries.
The White House also confirmed on Monday that President Trump would sign an executive order extending the temporary freeze on so-called “reciprocal tariffs” until August 1, giving the targeted countries an additional three-week deadline to conclude trade deals with the United States.
On the trading front, the Dow Jones Industrial Average fell by 0.3%—equivalent to 148 points—to 44,258 points by 16:29 GMT, while the broader S&P 500 index dropped by 0.1% (8 points) to 6,222 points, and the Nasdaq Composite Index declined by 0.1% (13 points) to 20,402 points.
