Dow Plunges 700 Points, S&P 500 and Nasdaq Falls 1% as Trump Hikes Global Tariffs to 15%

Nauman Khan

Tue, February 24, 2026 at 1:26 AM GMT+9 1 min read

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This article first appeared on GuruFocus.

U.S. equities fell sharply Monday as President Donald Trump said he would raise global tariffs to 15% from 10%, following the Supreme Court’s ruling against his prior tariff measures.

The Dow Jones Industrial Average dropped 700 points, or 1.5%, while the S&P 500 lost 1% and the Nasdaq Composite fell 1.2%.

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Trump warned that countries seeking to play games after the court decision could face even higher duties. Details on implementation remain unclear, and additional levies are expected in the coming months. The tariffs are being applied under Section 122 of the Trade Act of 1974, which allows the president to impose duties for 150 days before requiring Congressional approval.

European officials expressed concern over the move, saying it could jeopardize transatlantic trade deals. The European Commission called for clarity on Washington’s next steps, emphasizing the importance of fair, balanced, and mutually beneficial trade.

Analysts said the new tariffs could create ongoing volatility in U.S. markets, particularly for companies exposed to international supply chains.

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