Markets, U.S. allies react to White House’s new tariffs

The Dow Jones Industrial Average dropped well over a thousand points Thursday morning after U.S. President Donald Trump announced reciprocal and 10%-baseline tariffs. New York Stock Exchange Market Analyst Eric Criscuolo observed that S&P futures dropped sharply as President Donald Trump rolled out the tariffs. 

European leaders such as EU Commission President Ursula von der Leyen expressed their disapproval of the tariffs and promised countermeasures. German Chancellor Olaf Scholz decried the tariffs as a lose-lose situation for both the United States and Germany.

Who is welcoming the tariffs? The White House on Thursday morning highlighted positive responses to the new tariffs. A news release featured supporting comments from Republican members of Congress and officials representing trade groups such as the National Cattlemen’s Beef Association and the Steel Manufacturers Association. 

Bienvenido Empresarios, a coalition of Hispanic business leaders, said that the president’s emphasis on using economic leverage was part of a broader strategy to counter China, confront the deadly fentanyl crisis, and bring critical industries back home.