Trade and Security on Agenda as India’s Modi Visits Japan
Indian Prime Minister Narendra Modi arrived in Japan on Thursday to meet his Japanese counterpart, Shigeru Ishiba, with trade and security high on the...
Markets tumbled Monday, with losses accelerating in the afternoon after President Donald Trump confirmed that 25% tariffs on imports from Canada and Mexico will take effect. Earlier in the session, stocks were already under pressure following a weaker-than-expected February report on a key manufact
Stocks tumbled Monday as investors prepared for the midnight deadline on President Donald Trump’s proposed tariffs on Canada, Mexico, and China.
The Dow Jones Industrial Average closed down 650 points, or 1.48%, at 43,191. The index had plunged nearly 900 points in afternoon trading before recovering some losses. The broader S&P 500 fell 1.76%, while the Nasdaq Composite dropped 2.64%, bringing its total decline since Trump took office to approximately 6.5%.
Trump Defends Tariffs
"Tomorrow, tariffs—25% on Canada and 25% on Mexico," Trump declared during a White House press conference. "What they have to do is build their car plants and other things in the United States, in which case they have no tariffs."
Trump stated that both countries had "no room left" for negotiations, emphasizing that the tariffs were a necessary response to economic imbalances. "They're all set. They go into effect tomorrow," he confirmed.
Market Volatility and Investor Concerns
Following Trump’s remarks, Wall Street’s fear gauge, the VIX index, surged to its highest level this year.
“The uncertainty surrounding the tariffs has wiped out the gains from the ‘Trump bump’ following the presidential election,” said Gustavo Flores-Macias, a professor of government and public policy at Cornell University.
Commerce Secretary Howard Lutnick, speaking alongside Trump, suggested that global companies could avoid tariffs by investing in U.S. production. He pointed to Taiwanese chipmaker TSMC, which announced a $100 billion U.S. investment earlier Monday.
Economic and Business Impact
Analysts at Goldman Sachs warned that while tariffs might increase demand for American-made goods by making imports more expensive, they could also raise costs for U.S. businesses and trigger foreign retaliatory measures.
“Tariff increases will raise production costs for domestic producers and could lead to countermeasures against U.S. exports, both of which could hurt economic growth,” Goldman Sachs analysts wrote in a note.
The stock market selloff coincided with the latest Institute for Supply Management (ISM) survey, which showed that while manufacturing activity remained in expansion territory, it had slowed—with tariff concerns dominating business responses.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
The UK is gearing up for Exercise Pegasus 2025, its largest pandemic readiness test since COVID-19. Running from September to November, this full-scale simulation will challenge the country's response to a fast-moving respiratory outbreak.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
YouTube TV and Fox have reached a distribution agreement that will keep Fox News, Fox Sports and other Fox channels available to subscribers, the companies confirmed on Thursday.
The S&P 500 and Dow Jones Industrial Average closed at record highs on Thursday (28 August), after Nvidia’s quarterly report fell short of investors’ lofty expectations but confirmed that demand for artificial intelligence (AI) infrastructure remains strong.
Malaysia Prime Minister Anwar Ibrahim said he intends to convene a summit of the Regional Comprehensive Economic Partnership in October, local media reported on Wednesday.
The Organisation for Economic Co-operation and Development (OECD) reported on Tuesday that G20 countries’ international goods trade rose slightly in the second quarter of 2025, mainly because imports into the United States fell sharply after rising in the first quarter.
The S&P 500 closed lower on Monday (25 August) as investors turned their attention to Artificial Intelligence (AI) chipmaker Nvidia’s upcoming quarterly results, following Friday’s rally that saw the Dow Jones Industrial Average close at a record high.
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