U.S. Markets Drop as SPY Falls, Trump Calls Tariffs 'Medicine'

Sponsored Ad

U.S. stock markets opened lower today, tracking sharp declines in Asian indexes overnight, as new tariffs fuel global trade concerns. The SPY, an exchange-traded fund mirroring the S&P 500, dropped to $505.28, down over 5% from Friday’s close of $536.70, reflecting broad market unease.

The sell-off follows a turbulent night in Asia, where Japan’s Nikkei 225 fell 2.7% and Hong Kong’s Hang Seng plunged nearly 13%. The declines stem from fresh U.S. tariffs, including a 10% levy on imports from multiple countries and a 34% tax on Chinese goods, implemented over the weekend.

President Donald Trump defended the measures, calling them "medicine" for the U.S. economy. In remarks on Sunday, he argued the tariffs would address trade imbalances and strengthen American industry. "Sometimes you have to take medicine to fix something," he said, despite the steep market drops wiping out billions in value.