Trump's New Tariffs on Japan, Korea Roil Markets

President Trump announced a 25% tariff on imports from Japan and South Korea, set to take effect August 1, extending the prior negotiation deadline. The move triggered a broad selloff on Wall Street, with the S&P 500, Dow Jones, and Nasdaq each falling by about 0.8-0.9%, while major tech stocks like Apple, Alphabet, and Tesla led the declines. Asian markets remained steady as Japanese and South Korean officials expressed hope for a compromise before the new deadline, though trade uncertainty persists. Trump warned that retaliation would bring higher tariffs and hinted at additional duties on BRICS-aligned countries. The tariffs are part of a push for 'reciprocal' trade, intensifying global trade tensions and raising concerns about economic growth. Despite the stock selloff, cybersecurity and ride-share stocks advanced, and European markets closed higher.