Shares closed barely larger on Monday, shrugging off President Donald Trump’s introduced tariffs over the weekend targeting the European Union and Mexico. These new levies rekindled tensions with two of the biggest U.S. commerce companions and threatened to lift client costs.
The Dow Jones Industrial Common climbed 88 factors, or 0.2%, whereas the S&P 500 ticked up 0.1%. The tech-heavy Nasdaq elevated 0.2%.
Trump on Saturday introduced new tariffs on the European Union and Mexico that may take impact on Aug. 1. That begin date matches the onset of levies issued for greater than 20 different international locations in current days, together with high commerce companions Canada, Japan and South Korea.
In a letter posted on his social media platform, Trump faulted Mexico for its alleged failure to cease the transport of fentanyl into the U.S. Between September and April, practically all fentanyl seized by the U.S. got here by the southern border with Mexico, in line with U.S. Customs and Border Safety (CBP).
In response to a earlier set of tariffs issued in February, Mexico vowed to take steps to deal with the transport of fentanyl, prompting Trump to briefly pause the levies.
In a press release posted on X, Mexican financial minister Marcelo Ebrard stated Mexico had already been negotiating with the U.S. to “shield companies and jobs.”
“We have been knowledgeable that, as a part of the profound adjustments in U.S. commerce coverage, all international locations will obtain a letter signed by the President of the USA establishing new tariffs beginning August 1st,” Ebrard stated. “We said on the assembly that this was an unfair deal and that we didn’t agree with it.”
Trump sharply criticized the EU in a separate letter posted on social media, claiming the the U.S. runs an unacceptably excessive commerce deficit with the EU. In a press release launched on Saturday afternoon, European Fee President Ursula von der Leyen stated the EU stays dedicated to “dialogue, stability, and a constructive transatlantic partnership.”
ABC Information’ Kelsey Walsh and Patricio Chile contributed to this report.
