Stock trading on Wall Street in the United States (US) suffered a decline after recording a similar decline last week.
Major indexes fell driven by US President Donald Trump's proposal of 50% tariffs on European goods, thus triggering global trade tensions and market uncertainty.
The Dow Jones Industrial Average slipped 0.61%, the S&P 500 weakened 0.67%, while the technology-focused Nasdaq fell 1%.
US Treasury Secretary Scott Bessent said Trump did not consider the EU's trade offer good enough and hoped the tariff threat would put a lot of pressure on the EU in negotiations.
However, Trump delayed tariffs on EU imports until July 9, 2025, after he threatened to impose tariffs starting June 1 due to frustration with the slow progress of negotiations.
Indirectly, the move is likely to cause concern in European stock markets and the luxury goods sector.
This situation follows concerns about the risk of the US debt rising from $3 trillion to $5 trillion with Trump's tax cut plan.
Moody's had previously reduced the US credit rating to 'AA1' from 'AAA', pushing US treasury yields higher.
Trump also criticized the cuts made by the firms involved and stressed various efforts to be implemented to reduce government spending and debt.
In other news, Apple shares fell 3% to a new low after Trump threatened to impose a 25% tariff on iPhones and other smartphones made outside the US.
US stock market volume recorded $17.67 billion compared to an average of $17.73 billion over the full 20 trading days.
