Wall Street declines despite positive remarks on trade

U.S. stock indices declined during Monday trading as markets assessed the latest developments in trade talks between the United States and other countries.

U.S. Treasury Secretary Scott Bessent said in an interview with CNBC that the administration will issue several trade-related announcements within the next 48 hours, though he did not specify the countries involved. He added that the coming days will be packed with new trade proposals.

President Donald Trump warned countries aligning with BRICS alliance policies that run counter to U.S. interests that they would face an additional 10% tariff.

Trump wrote on social media: “Any country siding with BRICS’ anti-America policies will face an additional 10% tariff. There will be no exceptions to this policy.”

Trump has long criticized the BRICS group, which includes China, Russia, and India among its members.

The U.S. had initially set July 9 as the deadline for countries to reach trade agreements, but American officials now say that the tariffs will begin on August 1. Trump said he will send letters to the countries informing them of the tariff rates if no agreement is reached.

As for market performance, the Dow Jones Industrial Average fell by 0.7% (310 points) to 44,519 points as of 16:36 GMT. The broader S&P 500 index declined by 0.6% (38 points) to 6,241 points, while the tech-heavy Nasdaq Composite dropped 0.7% (145 points) to 20,456 points.