President Trump announced tariffs effective August 1, impacting exports from numerous countries including South Korea and Japan with rates up to 40%. The Vanguard S&P 500 ETF dropped 0.7% as investors processed the economic implications of these tariffs. Major U.S. banks experienced downgrades from international analysts, signaling a decline in growth prospects. Concerns among investors grew as the belief that tariffs were merely a bluff was challenged, contributing to ongoing market volatility and a selloff of stocks.
President Trump announced tariffs set to take effect August 1, impacting exports from over a dozen countries, including significant rates for U.S. allies.
Investors reacted to Trump's announcements with concern, as growth prospects dimmed and major bank stocks received downgrades from abroad.
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