SPRINGFIELD, Mass. (WWLB) – The stock market experienced a significant decline on Thursday.
Following President Trump’s release of his plan, he announced a 10% tariff on all imports and an additional 25% duty specifically targeting foreign automobiles.
"It immediately reached its lowest point, so people weren't particularly shocked by this development; however, they were attempting to adjust their figures," explains Mark Teed, Senior Vice President at Raymond James & Associates.
Nike, Apple, and Target all sank more than 9%. Meanwhile, the DOW nosedived more than 1,600 points, and the Nasdaq composite fell nearly 6%.
"In simpler terms, they charge us, but we charge them even less. So, how could anyone possibly object? However, people will still complain because we never actually charge anyone," states President Donald Trump.
Savoring a Greek salad with feta cheese or buying clothes from the well-known online retailer, Shein might come at a higher cost. The anticipated imposition of 25% duties on imported automobiles will likely take place this Friday.
Although initial tariffs of 10% will come into play on Saturday, the president intends to introduce duties on incoming automotive components beginning May 3rd.
Local News Headlines
Local survivor of sexual assault shares her story during April’s awareness campaign.
Residents of Springfield express worries and advocate for changes during a community dinner.
Completion, construction scheduled for Vietnam Veterans’ Memorial Bridge
The newly opened autism center in Springfield provides services for kids.
WWLP-22 News, an NBC station, started airing in March 1953 with the aim of delivering local news along with network shows, syndicated content, and regional programs to western Massachusetts residents. Tune in for their coverage. 22News Digital Edition weekdays at 4 p.m. on WWLP.com.
To stay updated with the newest information, check out the weather, sports, and stream videos at WWLP.