Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Occupied Palestine: Director of Al-Shifa Hospital: There is no longer room for any wounded inside.
Al Mayadeen's correspondent: Death toll nears 50 in northern Gaza aid massacre, with more casualties expected
Gaza Government Media Office: We are on the precipice of mass deaths on account of occupation closing all crossings for more than 140 days.
Gaza Government Media Office: World watches as Gaza is slaughtered without batting an eye.
Gaza Government Media Office: We stand before the greatest mass slaughter in modern history.
Al Mayadeen's correspondent: Toll of aid-seeking martyrs today has climbed to 17.
Tasnim news agency: Iran, E3 reach agreement to resume nuclear talks, no date agreed upon yet.
Al Mayadeen's correspondent: 18 martyrs killed by occupation fire in Gaza since morning, including 12 aid seekers.
Ghalibaf: Israeli aggression against countries targeted by global arrogance confirms that Damascus will not be the last Islamic capital to be targeted.
Ghalibaf: Iran stresses its support for Syria's sovereignty and territorial integrity.

US dollar falls 1% vs euro, US stocks drop as Trump unveils tariffs

  • By Al Mayadeen English
  • Source: News websites
  • 3 Apr 2025 00:46
4 Min Read

Major US indexes fell after President Trump's tariff announcement, with the SPDR S&P 500 ETF Trust (SPY) dropping about 2.2%.

Listen
  • x
  • US dollar falls 1% against euro as Trump unveils tariffs
    President Donald Trump speaks during an event to announce new tariffs in the Rose Garden at the White House, Wednesday, April 2, 2025, in Washington. (AP)

The US dollar plummeted one percent against the euro on Wednesday, as President Donald Trump said that he would sign an order imposing retaliatory tariffs on US trading partners.

The dollar also fell against other important currencies, such as the British pound sterling and the Swiss franc.

"For traders and investors, today represents a day of huge uncertainty as we weigh up the potential for retaliatory tariffs and a tit-for-tat trade war," said Joshua Mahony, analyst at traders Scope Markets.

Global equities have been hit hard leading up to Trump's announcement, with allies and competitors alike in the crosshairs after what he said are years of "ripping off" the United States.

US stocks drop

US stocks fell in after-hours trading as President Donald Trump unveiled the sweeping tariffs of a minimum 10%, but even higher for some countries.

The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, lost about 2%. The Invesco QQQ ETF, which corresponds to the Nasdaq-100 Index, shed 3.3%. The SPDR Dow Jones Industrial Average ETF Trust (DIA) lost 1%.

Shares of companies that are big importers were hit Wednesday evening. Nike lost 6%. General Motors tumbled 3%. Shares of hard-hit stocks over the past month as tariff fears swirled continued falling. Nvidia and Tesla were each off about 3%.

Related News

Top Turkish, Syrian diplomats discuss situation in Syria: Reports

Muslim Brotherhood calls for urgent action to save Gaza

The White House unveiled a baseline tariff rate of 10% on all countries that goes into effect April 5. Even bigger duties will be charged against countries in the coming days that levy higher rates on the US.

“We will charge them approximately half of what they are and have been charging us,” said Trump in a press conference from the White House Rose Garden. “So, the tariffs will be not a full reciprocal.”

That halved figure includes “the combined rate of all their tariffs, non-monetary barriers and other forms of cheating,” he said.

What’s likely scaring traders is that these rates will end up being much higher than expected for many nations. For example, the effective tariff rate for China will now be 54%. 

Wednesday saw further volatility roil markets as tensions ran high ahead of Trump’s announcement, but stocks ultimately ended the session in the green on hopes that the tariff would be less stringent than feared. The S&P 500 closed 0.7% higher. The Dow Jones Industrial Average added 235 points, or 0.6%, while the tech-heavy Nasdaq Composite added 0.9%.

The broad-based S&P 500 was down for five out of the past six weeks because of the heightened uncertainty caused by Trump’s varied tariff announcements, which have been rolling out since February. Ongoing tensions with key US global trading partners have started to show up in some sluggish economic data, which further pressured stocks by heightening recession fears.

The S&P 500 crossed briefly again into correction territory on Monday, meaning a 10% slide from its last high, and saw its worst monthly percentage drop since December 2022 in March. The index first slipped into a correction in mid-March.

Shares of iPhone maker Apple also slipped nearly 5% in Wednesday’s after-hours trading.

Gold futures price jump

Meanwhile, the gold futures price jumped US$20.20 or 0.6% to US$3,166.20 an ounce on Wednesday, supported by safe-haven demand as markets braced for US President Donald Trump's latest tariff plans later in the day. Spot gold was trading near US$3,127 at the US close. 

The gold futures price jumped US$20.20 or 0.6% to US$3,166.20 an ounce on Wednesday, supported by safe-haven demand as markets braced for US President Donald Trump's latest tariff plans later in the day. Spot gold was trading near US$3,127 at the US close. #ausecon #auspol

— CommSec (@CommSec) April 2, 2025


 

  • United States
  • Gold prices
  • USD
  • Tesla
  • Elon Musk
  • United States Dollars
  • swiss franc
  • Donald Trump
  • british pound

Most Read

Algerian nurse stabbed in Germany

Murder of Algerian nurse in Germany sparks outcry, demands for justice

  • Europe
  • 14 Jul 2025
Credible reports, including some from Israeli media itself, indicate that Tel Aviv had pinned its hopes on what can only be described as a delusional plan. (Al Mayadeen English; Illustrated by Batoul Chamas)

Jebraily: Iran strikes rewrote regional deterrence rules - Exclusive

  • MENA
  • 15 Jul 2025
Al-Qassam Brigades fighters confront Israeli soldiers in Beit Lahia, northern Gaza, undated (Al-Qassam Brigades Military Media)

3 Israeli soldiers killed amid Gaza battles: Israeli media

  • Palestine
  • 14 Jul 2025
Donald Trump, the Corporate Aristocracy and the Israelization of the World

Donald Trump, the Corporate Aristocracy and the Israelization of the World

  • Opinion
  • 15 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Handala freedom flotilla is off on its way to Gaza. (@yipengGe)
Politics

'Injustice in Gaza can't be ignored,' Handala member tells Al Mayadeen

Palestinians who were attacked by IOF during a food distribution at a center run by the Gaza Humanitarian Foundation, are brought to Nasser Hospital in Khan Younis, southern Gaza Strip, July 19, 2025. (AP)
Politics

They made us gather, then shells fell: IOF kill dozens collecting food

Deputy Foreign Minister for Political Affairs of Iran, Majid Takht Ravanchi, in an undated photo (Iran MoFA)
Politics

Iran-E3 nuclear talks expected to resume early next week

Lebanese army soldiers inspect a destroyed house that was hit in an Israeli airstrike in Nabatieh town, south Lebanon, Friday, June 27, 2025. (AP)
Politics

Lebanon finalizes response to US on 'disarmament calls': Exclusive

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS