The Dow Jones Industrial Average which dropped by as many as 560 points Monday recovered around noon after Donald Trump announced that he would delay the Mexico tariffs by a month as Mexican president Claudia Sheinbaum agreed to immediately post 10,000 Mexican soldiers on the border to stop the flow of fentanyl and illegal migrants.
“We further agreed to immediately pause the anticipated tariffs for a one month period during which we will have negotiations headed by Secretary of State Marco Rubio, Secretary of Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick, and high-level Representatives of Mexico. I look forward to participating in those negotiations, with President Sheinbaum, as we attempt to achieve a “deal” between our two Countries,” Trump announced.
The S&P 500, which had declined by as much as 1.6%, was only down 0.55%, or 33 points while the Nasdaq, which lost 1.95% to drop nearly 400 points after the opening bell, rebounded to 0.92%, which was down 172 points.
European stocks saw a significant decline, with Germany’s DAX index falling nearly 2%. Bitcoin also took a hit, dropping from above $102,000 to around $95,000, while ether lost 11%. But it started to recover just before noon on Monday — trading at around $98,800 per unit.
Canada responded with its own retaliatory measures, while Mexico indicated it would explore similar actions against US imports. China, on the other hand, declared its intent to challenge the tariffs at the World Trade Organization. Trump also suggested that tariffs on European Union goods could follow.
European Union officials cautioned that they would respond firmly if Trump follows through with additional tariffs on European imports.
The timing of the tariff announcement coincides with an important earnings period, with over 120 S&P 500 companies set to release quarterly reports. Among the high-profile firms reporting this week are Alphabet, Amazon, and Palantir, along with consumer brands like Disney and Mondelez.
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About The Author
I’m JP, a 26-year-old from Odisha, India 🇮🇳 and the founder of newsxbyte.com 📰. I write articles and news on a variety of topics, including business, finance 💼, and exam updates 📚. With a passion for journalism and digital content, I strive to keep my readers informed and engaged with the latest updates and insights.
