On the 6th (local time), the three major stock indices on the New York Stock Exchange started in a downward trend. This is interpreted as a response to U.S. President Donald Trump's mention of tariffs on pharmaceuticals, followed by the European Union (EU) announcing additional tariffs on American products, increasing concerns over trade disputes.
On this day at the New York Stock Exchange (NYSE), as of 10:28 a.m. Eastern Time, the Dow Jones Industrial Average was trading at 40,039.39, down 179.44 points (0.44%) from the previous session. The Standard & Poor's (S&P) 500 index was down 30.24 points (0.54%) at 5,620.14, and the Nasdaq Composite index was down 123.03 points (0.69%) at 17,721.21.
Trade tensions are escalating due to tariff imposition. The European Union (EU) stated that if the ongoing trade negotiations with the United States fail, it plans to impose additional tariffs on approximately €100 billion (about 158 trillion won) worth of American products.
The U.S. trade deficit has also widened. On this day, the U.S. Department of Commerce announced that the trade deficit for March this year was $140.5 billion, an increase of $17.3 billion (14.0%) compared to the previous month. This marks the largest monthly deficit on record. This is a result of corporations accelerating orders to secure inventories of imports ahead of the implementation of tariffs by the Trump administration.
The Federal Reserve System (Fed) is holding a two-day Federal Open Market Committee (FOMC) meeting starting today. With a rate freeze likely, attention is focused on what opinions Chairman Jerome Powell will express at the subsequent press conference.