The S&P 500 experienced its largest drop in three weeks due to the announcement of 25 percent tariffs on Japan and South Korea by President Trump. This move was made as the self-imposed deadline for trade agreements approached without a deal. The US imports significantly more from Japan than it exports. Trump indicated potential adjustments to the tariffs if trade policies changed, but he warned of retaliatory measures. Additionally, tariffs were announced for Malaysia, Kazakhstan, South Africa, Laos, and Myanmar, with impending trade announcements expected shortly.
Markets experienced significant declines following the announcement of 25 percent tariffs on key US allies Japan and South Korea, marking the biggest drop in three weeks for the S&P 500.
President Trump imposed tariffs in response to trade negotiations, stating that the trade relationship was far from reciprocal. Japan's PM has stated he will not easily compromise.
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