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U.S. stocks closed lower Friday, with the S&P 500 and NASDAQ pulling back from record highs, after President Donald Trump unveiled a 35% tariff on Canadian goods starting August 1. The move triggered renewed fears of a global trade war, weighing on investor sentiment.
The S&P 500 fell 0.4%, the Dow Jones Industrial Average dropped 279 points (0.6%), and the NASDAQ Composite declined 0.2% by market close.
Trump said the steep tariff targets both illegal fentanyl imports through Canada and what he called Ottawa’s “unfair” trade practices, including excessive duties on U.S. industries. This latest action follows Trump’s earlier announcements of 25% tariffs on Japan and South Korea and a 50% tariff on Brazil. Brazil has threatened retaliation if the tariffs are enacted. The European Union may also face a similar measure, with Trump hinting at a tariff letter pending.
Wall Street now shifts its focus to the start of Q2 earnings season, with top banks including JPMorgan Chase, Citigroup, Wells Fargo, and Bank of New York Mellon reporting Tuesday. Meanwhile, Levi Strauss shares rose after raising its sales outlook, saying it would absorb short-term tariff impacts. In contrast, PENN Entertainment dropped over 7% on concerns over declining gaming revenue from states like Iowa and Indiana.
Markets are also bracing for next week’s consumer price index (CPI) report, expected to show a 0.3% monthly increase. Federal Reserve minutes released earlier this week showed most officials remain cautious about cutting rates, citing inflation risks tied to Trump’s aggressive trade policy. Rate cuts are unlikely in July, but futures suggest a possible easing in September.
