Dow Jones drops 600 points as US President Donald Trump announces 15% global tariff hike

US stock markets declined on Monday (February 23) after President Donald Trump announced a 15% increase in global tariffs, following the Supreme Court’s decision to block his “reciprocal” tariffs.

The Dow Jones Industrial Average was trading at 48,972.07, down 653.90 points, or 1.32%. The S&P 500 shed 0.6%, while the Nasdaq Composite declined 0.7%.

In the latest post on Truth Social, Trump said,  “I, as President of the United States of America, will be, effective immediately, raising the 10% Worldwide Tariff on Countries, many of which have been ‘ripping’ the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15% level."

"Any Country that wants to 'play games' with the ridiculous supreme court decision, especially those that have 'Ripped Off' the U.S.A. for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to," he wrote in a Truth Social post on Monday. “BUYER BEWARE!!!”

Trump’s quick shift toward even more aggressive tariffs shows how much uncertainty still hangs over the global economy, even after the Supreme Court said the president lacked the legal authority to institute his sweeping “reciprocal” tariffs.

Also Read: US to stop collecting tariffs deemed illegal by Supreme Court on Feb. 24

Beyond a 15% tariff that could last for up to 150 days, unless Congress extends it further, Trump is also looking at other avenues to place more permanent tariffs on other countries and industries. That has countries worldwide uneasy.

South Korea’s trade minister, Kim Jung-kwan, said on Monday that uncertainty may worsen if the Trump administration continues imposing new tariffs under alternative laws.

Bitcoin fell as much as 5% early Monday, briefly dipping below $65,000 before recovering to around $66,000. The decline comes amid investors exiting speculative assets and concerns over potential cryptocurrency regulations. Since reaching an all-time high of $126,210.50 on October 6, Bitcoin has lost nearly half of its value.

Also Read: Indian exports to attract 10% tariff in US for 150 days from Feb 24; uncertainty persists

In energy markets, US crude oil gained 19 cents to $66.67 per barrel, and Brent crude, the international benchmark, rose 18 cents to $71.48 per barrel. The US dollar weakened to 154.83 Japanese yen from 154.94 yen. Precious metals saw gains, with gold rising 2.1% and silver up 5.6%.