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While the US President did not specify which countries would be affected, he said that it would be a broad initiative that could also help address US budget issues. This might involve increasing tariffs across the board to match the rates charged to the US.
The Dow Jones Industrial Average dropped 444.23 points, or 0.99%, to close at 44,303.40. The S&P 500 declined 57.58 points, or 0.95%, to 6,025.99 and the Nasdaq Composite lost 268.59 points, or 1.36%, to 19,523.40.
The losses on Friday resulted in the major indexes closing the week in negative territory. The Dow snapped a three-week winning streak, ending 0.54% lower. The S&P 500 declined 0.24%, and the Nasdaq fell 0.53%.Trump made the tariff announcement during a meeting with Japanese Prime Minister Shigeru Ishiba. He said that auto tariffs were still under consideration amid reports that the White House might grant some exemptions.
“I’ll be announcing that next week reciprocal trade, so that we’re treated evenly with other countries,” said Trump during a meeting with the visiting Japanese PM. “We’ll have a news conference, and we’ll lay it out pretty simple.”
The stock market was already on edge ahead of Trump’s comments as some earlier consumer sentiment and jobs data pointed to a pickup in inflation and spiked the 10-year Treasury yield above 4.5% at its session high.Consumer sentiment fell in February to 67.8, according to a preliminary reading of the University of Michigan’s consumer sentiment index. Economists polled by Dow Jones had expected 71.3.
Additionally, US job growth slowed more than expected in January but that the unemployment rate edged down to 4.0%, giving the Federal Reserve cover to hold off cutting interest rates until at least June.
On Friday, all 11 sectors of the S&P 500 ended lower, with consumer discretionary leading the decline, down about 2.5%.
Uber rose 6.6% after billionaire hedge fund manager Bill Ackman revealed a significant stake in the company.
Amazon.com fell 4.1%, largely due to weaker-than-expected performance in Amazon Web Services (AWS) and disappointing revenue and profit forecasts for the first quarter.
The Cboe Volatility Index, known as Wall Street’s “fear gauge,” climbed 6.6% on Friday to 16.3.
With agency inputs
