All three major indexes of the New York Stock Exchange closed lower. The statement by President Donald Trump that he would impose a 50% tariff on the European Union (EU) shocked the market.
On the 23rd (local time), the Dow Jones Industrial Average closed at 41,603.07, down 256.02 points (0.61%) from the previous session. The Standard & Poor's (S&P) 500 index closed down 39.19 points (0.67%) at 5,802.82, while the Nasdaq Composite Index finished down 188.53 points (1.00%) at 18,737.21.
The decline in all three indexes is due to President Trump's tariff threat. On the morning of that day, President Trump said on social media platform Truth Social, "I recommend imposing a 50% tariff on the EU starting June 1, 2025," adding, "Trading with the EU, which was established primarily to take advantage of the United States in trade, has been very difficult." In the afternoon, he reiterated his position in a meeting with reporters, stating, "The EU was created to harm the United States and to take advantage of the United States."
Rick Waddell, Chief Investment Officer (CIO) of RFG Advisory, commented on the shock stemming from Trump, noting, "The situation of tariff tensions easing and then expanding again is likely to persist throughout Trump's second term, resembling a roller coaster."