As oil prices fell despite nations trying to reach an agreement with the obstinate president, Wall Street prepared for large losses at the beginning of the week due to Donald Trump’s punitive tariffs on shipments to the US.
The Republican said he could not predict market movements and denied on Sunday that he was purposefully orchestrating a selloff. He also stated that he would not negotiate with other nations unless trade deficits were resolved.
He added that he had discussed the matter with foreign leaders over the weekend to find a solution, telling reporters on Air Force One that “they’re dying to make a deal.”
US oil fell below $60 a barrel for the first time since April 2021, and futures contracts for the main boards of the New York Stock Exchange fell precipitously on Sunday, indicating further suffering for bruised Wall Street stocks when markets start Monday.
Just over 30 minutes after the contracts started trading again at 2200GMT, the Dow Jones Industrial Average was down 3.56 percent, and the S&P 500 index as a whole was down 3.85 percent.
Israel’s prime leader, Benjamin Netanyahu, will travel in for urgent meetings with Trump on the tariffs on Monday. Israel, one of Washington’s closest allies, has been slammed with 17 percent tariffs.
In a newspaper opinion piece, British Prime Minister Keir Starmer cautioned that “the world as we knew it has gone,” stating that the status quo will increasingly depend on deals and alliances.
Also Read:
France Dequilbec: Empowering Female Leadership- Bridging the Gap in Executive Diversity
Crafting Sustainable Solutions For Businesses With Reinke Photovoltaik GmbH: Jan Reinke
