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7 Apr, 16:43

US stock indices down 3-4% on Monday amid introduction of new duties

The Dow Jones Industrial Average fell by 1,197.26 points in the first minutes of trading, to 37,117.60 points

NEW YORK, April 7. /TASS/. The main indices on the New York Stock Exchange started the trading session on Monday with a noticeable drop of around 3-4% amid the introduction of customs duties by the administration of US President Donald Trump, according to data on the trading platform's website.

The Dow Jones Industrial Average fell by 1,197.26 points (3.12%) in the first minutes of trading, to 37,117.60 points.

The S&P 500 Index lost 172.03 points (3.39%), falling to 4,902.05 points. The NASDAQ electronic stock exchange index fell by 613.01 points (3.93%) to 14,974.78 points. Both European and Asian markets demonstrated sharp negative dynamics earlier on Monday. The London Stock Exchange FTSE 100 Index, as well as European stock indices, lost more than 5% at the start of trading, a significant decline was recorded on the Shanghai and Shenzhen stock exchanges.

On April 2, Trump announced the introduction of customs duties on products from 185 countries and territories. Russia is not on this list.

Universal 10% tariffs came into force on April 5, while individual ones will go into effect on April 9. In addition, the US administration introduced customs duties of 25% on all imported cars from April 3. Trump also declared a state of emergency in the country due to the economic situation.