Reference News Website July 8 report, according to the CNN website on July 8, on Monday, US President Donald Trump announced tariffs on countries such as Japan, South Korea and South Africa, causing the US stock market to fall immediately.
The Dow Jones Industrial Average closed down 422 points, a drop of 0.94%; the S&P 500 index fell 0.79%; and the Nasdaq Composite, which is mainly composed of technology stocks, fell 0.92%. All three major indices recorded their largest single-day drops in about three weeks.
After Trump announced a 25% tariff on Japan and South Korea (which will take effect on August 1), the US stock market fell during the afternoon session. After Trump announced tariffs ranging from 25% to 40% on countries such as Myanmar, Malaysia, Kazakhstan, Laos and South Africa, the stock market continued to decline.
Ross Mayfield, an investment strategist at Baird, told CNN that the tariff rates announced by Trump were higher than market expectations, leading to a sell-off in the stock market.
As investors began to understand the latest developments in the US tariff policy, the price of US Treasury bonds also declined. The 10-year US Treasury yield rose to 4.39%, and the 30-year US Treasury yield rose to 4.92%. Bond yields move inversely to prices.
The dollar index, which measures the dollar's exchange rate against six other major currencies, rose 0.3%. The Japanese yen, South Korean won and South African rand all weakened against the US dollar. (Translated by Wang Diqing)
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