On the 31st (local time), the White House announced that President Donald Trump would impose tariffs on Canada, Mexico, and China, leading to a broad decline in the New York stock market. White House Spokesperson Caroline Levitt noted during the briefing that "President Trump confirms that he will start imposing a 25% tariff on Mexico and Canada and a 10% tariff on China tomorrow (Feb. 1)."
As a result, all three major indexes in the U.S. New York stock market fell. The Dow Jones Industrial Average closed down 337.47 points (-0.75%) at 44,544.66. The Standard & Poor's (S&P) 500 index fell 30.64 points (-0.50%) to 6,040.53, while the tech-focused Nasdaq index closed down 54.31 points (-0.28%) at 19,627.44.
However, the Nasdaq index, which plunged 3.1% on the 27th, managed to recover its decline, finishing the week down just 1.9%. During the same period, the S&P 500 index decreased by 1.1%, while the Dow index rose by 0.2%.
Crude oil prices in New York also fluctuated due to President Trump's tariff policies, closing slightly lower. On that day, March delivery West Texas Intermediate (WTI) crude oil fell by $0.2 (-0.275%) to close at $72.53 per BARREL at the New York Mercantile Exchange. March Brent crude also closed down $0.11 at $76.76.
International crude oil prices based on WTI plunged to $72 after reports emerged that President Trump delayed the tariff imposition on Canada and Mexico from Feb. 1 to March 1. However, after the White House firmly denied this, oil prices rebounded to $73 per BARREL.