US markets today: Wall Street dips after Donald Trump announces new tariffs on EU and Mexico, investor eye earnings season

US stock markets edged lower Monday after President Donald Trump announced sweeping new tariffs on goods from the European Union and Mexico, raising concerns about renewed trade tensions. Despite the early pullback, major indexes remained near record highs as investors assessed the likelihood of a negotiated outcome before the August 1 deadline.The S&P 500 slipped 0.1% in early trade, while the Dow Jones Industrial Average dropped 78 points, or 0.2%. The tech-heavy Nasdaq Composite inched up 0.1%, buoyed by gains in select technology stocks, AP reported.Futures had signalled a weak start earlier in the day, with the S&P 500, Dow, and Nasdaq futures each retreating around 0.3% following Trump’s announcement over the weekend that the US would impose 30% tariffs on a wide range of imports from the EU and Mexico starting next month. The move extends the administration’s ongoing tariff campaign, which had previously targeted China and other major trading partners.The EU, America’s largest economic partner, is expected to face significant economic fallout if the tariffs take effect. Analysts warned that the levies could raise prices for US consumers on European products ranging from cheese to electronics while rattling European economies. In response, Germany’s DAX index fell 1%, and France’s CAC 40 dropped 0.5%. However, Britain’s FTSE 100 gained 0.4%, aided by its separate trade deal with the US post-Brexit.The Trump administration has extended its original deadline for new trade deals from July 10 to August 1, leaving a narrow window for potential negotiations. Analysts said they expected efforts to avoid escalation, with some projecting that talks could moderate the impact.On Wall Street, investor focus is also shifting toward earnings season, which kicks off Tuesday. JPMorgan Chase, Wells Fargo, and Citigroup are among the top US banks set to report quarterly results. Their performance will be closely watched for clues on consumer demand and credit trends in a high-interest-rate environment.Outside trade and earnings, individual stocks made headlines. Shares of Kenvue surged nearly 6% after the consumer health company announced the resignation of CEO Thibaut Mongon. The company, a spin-off from Johnson & Johnson, is undergoing a strategic review as it navigates the post-split market.In cryptocurrency markets, Bitcoin surged as much as 3.6% to hit an all-time high of $121,315 before settling lower. The rally comes ahead of “Crypto Week” in Congress, where lawmakers will discuss key legislation that could shape the future of digital asset regulation.Asian markets were mixed. China’s Shanghai Composite and Hong Kong’s Hang Seng both rose 0.3%, boosted by stronger-than-expected export data amid the ongoing truce in the US-China trade spat. South Korea’s Kospi gained 0.8%, while Japan’s Nikkei 225 dipped 0.3%.Crude oil prices rose, with US benchmark WTI climbing $1.05 to $69.50 a barrel and Brent crude adding $1.03 to reach $71.39. Oil prices rebounded toward $70 levels after falling sharply in late June.In currency markets, the dollar edged up to 147.45 yen, while the euro slipped slightly to $1.1690.