NATIONAL NEWS – Stock market drops 800 points after Trump announced a raise in global tariffs

By Renae Hefty, Staff Writer

The Dow Jones Industrial Average dropped 800 points Monday morning as a result of President Donald Trump signing a 10% global tariff into effect on Friday. This volatility can be observed across the stock market, with S&P 500 falling at least 50 points and NASDAQ Composite at least 250 points. It can be inferred that investors are selling their shares because of concerns over an executive order Trump signed on Friday to impose a new 10% global tariff, after the Supreme Court declared the administration’s previous tariffs unconstitutional. Trump announced on social media on Saturday that he intended to increase the global tariff to 15%, though no official order has been signed as of yet.  

Trump is imposing the new global tariff under the authority of Section 122 of the Trade Act of 1974, which authorizes him to implement import restrictions, utilizing an executive order for 150 days, until Congress is required to approve of the order. The 10% global tariff will take effect on Tuesday, February 24.