Wall Street stumbled as Trump announced new tariff rates on Japan and South Korea of 25%, effective from August 1st, as tariffs return to the forefront of investors’ minds. S&P 500 down 0.79%, Nasdaq down 0.92%. Dow fell at open, and continued to fall until about 1pm, remaining steady from there. Finished toward lows, down 422 points. All sectors excluding Utilities in the red. Cyclicals the worst performer, Tesla dragging it down after dropping 6.8%. Musk said he was stepping away from politics earlier this year to focus on a struggling Tesla and his recent U-turn, launching a new political party, has not been taken well. Energy and Materials second and third worst performer, economically sensitive sectors, global slowdown fears reignited by latest tariffs.

Resources mostly down. Oil jumped after the announcement of US tariffs on Japan and South Korea. Dollar strengthened after announcement of tariffs which weighed down other resources. Nickel, aluminium, zinc and tin all shed over 1%.

ASX to fall. SPI futured down 44 points (-0.51%).

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