US stock market closes lower after Trump’s latest tariff threats

Washington Today

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Financial markets continued their upheaval today after President Trump has doubled down on his tariffs.

The S&P 500 was down 0.8% in late trading, following another volatile day.

The Dow Jones Industrial Average was down 563 points, or 1.5%...while the Nasdaq composite was 0.6% lower.

This comes as a growing number of Republicans are signing onto bills that would give Congress more power over tariffs. Nebraska Republican Rep. Don Bacon introduced a bill today that would give Congress the authority to approve tariffs.

In the Senate, six Republicans have signed onto a companion bill led by Judiciary Chair Chuck Grassley and Commerce Committee Ranking Member Maria Cantwell. That bill has prompted a veto threat from the White House. Meanwhile, House Speaker Mike Johnson is publicly sticking by the tariff strategy

Tariffs aren't the only issue dividing Congressional Republicans as the revised 2025 Republican Budget resolution is scheduled to hit the floor this week. This is the same bill that the Senate approved in the early hours of Saturday morning.

At least three other Republicans have said they will oppose it on the House floor.

That comes despite pressure from a Dear Colleague letter from House Republican leadership on Saturday and a private conference call on Sunday.

And Israeli Prime Minister Netanyahu was at the White House today. It's his second visit since January. He stated that his country will eliminate the trade deficit and trade barriers with the US, and that he hopes Israel can serve as a model for other countries to do the same.

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