Stocks fell and the dollar rose as President Donald Trump said the US will impose a 25% tariff on imports from Japan and South Korea starting next month — sinking currencies of both nations. Longer-dated Treasuries underperformed on Monday.
The S&P 500 lost about 1%. While Japan and South Korea’s rates are largely in line with what Trump had already announced, he warned the nations against retaliation. Megacaps led losses, with Tesla Inc. down 7% as Elon Musk announced he’s formed a new political party, digging deeper into a pursuit that’s been a drag on his most valuable business.
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