Market Reaction to Trump's EU Tariff Plan

In a surprising turn of events, major US stocks changed course on Friday following a report by the Financial Times. The report revealed that President Donald Trump is considering imposing a 15%–20% minimum tariff on all goods imported from the European Union. Additionally, Trump has reportedly rejected the idea of reducing the existing 25% sectorial duties on EU cars.

Impact on Major Indices

The Dow Jones Industrial Average experienced a significant drop, falling by 0.56% or 251 points by 12:35 pm ET. Similarly, the Nasdaq 100 turned to losses, decreasing by 0.22% at 2:03 pm ET, while the S&P 500 saw a 0.15% decline at the same time.

Currency Market Response

Amidst the market turmoil, the euro gained strength against the US dollar, rising by 0.35% to 1.16371 by 12:34 pm ET.