US stocks retreat on tariff uncertainty
New York (AFP)Wall Street stocks retreated early on Monday as markets turned their focus back to President Donald Trump's unresolved efforts to win new accords with trading partners.After last week's focus on Congress passing the White House's spending plan, Trump announced he would send the first tariff letters Monday to various countries that have yet to reach deals with Washington.The administration has said steep tariffs would take effect on August 1 if there is no agreement.About 15 minutes into trading, the Dow Jones Industrial Average was down 0.2% at 44,733.06.The broad-based S&P 500 declined 0.4% to 6,253.73, while the tech-rich Nasdaq Composite Index dropped 0.6% to 20,469.99.Trump on Monday also threatened a further 10% tariff on countries aligning themselves with the emerging BRICS nations, accusing them of "anti-Americanism" after they slammed his tariffs at a summit on Sunday.Among individual companies, Tesla slumped 7.5% after Trump blasted CEO Elon Musk's plan to launch a new political party in opposition to Trump's fiscal plans.
The back-and-forth escalated a conflict between the two men that investors fear will hurt Musk's companies.
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