Stocks Fall in Late Hours Amid Trump Auto Tariffs: Markets Wrap
- Trump will hit auto imports with 25% tariff in trade fight
- Musalem warns tariff inflation impact may not be temporary
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Three days of relative peace were broken on Wall Street, with big tech driving major stock benchmarks lower, as concern about a trade war’s impact on the economy and inflation resurfaced to squelch risk appetites.
In late hours, a $589 billion exchange-traded fund tracking the S&P 500 (SPY) dropped as President Donald Trump signed an order to implement a 25% tariff on auto imports, expanding a trade war designed to bring more manufacturing jobs to the US and setting the stage for an even broader push on levies next week. American automakers General Motors Co. and Ford Motor Co. fell.