Stocks 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.
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