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Stocks tumble after Trump unveils sweeping new tariffs

UNITED STATES, AUG 1 – President Trump imposed tariffs ranging from 10% to 50% on nearly 70 countries to address trade deficits and enforce reciprocal rates, affecting hundreds of billions in trade, officials said.

  • Trump issued a presidential executive order raising tariffs, including a 35% duty on Canadian goods, 50% on Brazil, and 25% on India, effective in seven days for 69 trading partners.
  • U.S. federal appeals court judges questioned Trump's invocation of emergency powers to impose tariffs of up to 50% on nearly all trading partners.
  • Asian shares faced their worst week since April, and European stocks fell to a three-week low due to concerns over the new tariffs.
  • Trump stated that Canada had 'failed to cooperate' on narcotics flows, justifying an increase in tariffs on Canadian goods from 25% to 35%.
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Bloomberg broke the news in United States on Thursday, July 31, 2025.
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