Dow Jones Index Today: Wall Street’s main indices opened lower on Monday after President Donald Trump revealed plans to double tariffs on imported steel and aluminum, intensifying concerns about U.S. trade policy. The Dow Jones Industrial Average declined by 70.1 points, or 0.17%, to open at 42,199.94. The S&P 500 fell 15.0 points, or 0.25%, to 5,896.68, while the Nasdaq Composite dropped 50.7 points, or 0.27%, to 19,063.06.
Meanwhile, Wall Street’s major indexes slipped on Friday after President Donald Trump accused China of breaching a tariff agreement, escalating tensions in the ongoing trade war that continues to rattle global markets and business sentiment. In a post on his Truth Social platform, Trump claimed China had violated the terms of a trade agreement reached in Geneva, Switzerland, though he did not detail the alleged breach or outline any retaliatory measures. “So much for being Mr. NICE GUY!” he wrote.
Under the Geneva agreement, the U.S. had agreed to reduce tariffs on Chinese imports from 145% to 30% over a 90-day negotiation window, while China pledged to cut its tariffs from 125% to 10%. However, fresh uncertainty emerged as both sides signaled growing friction. Earlier Friday, U.S. Treasury Secretary Scott Bessent described talks as “a bit stalled,” suggesting that a direct call between Trump and Chinese President Xi Jinping might be necessary to revive negotiations. “Markets had settled into a narrative where trade policy seemed somewhat predictable, but that clarity has now evaporated,” said Art Hogan, chief market strategist at B. Riley Wealth. Despite the trade jitters, losses were tempered by economic data showing a slight uptick in U.S. consumer spending in April. Year-over-year spending rose 2.1%, down from 2.3% in March. The Federal Reserve closely watches the PCE price index as part of its 2% inflation target.