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CNBC Daily Open: Auto tariffs put markets in reverse gear

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Trump's tariff announcements and, sometimes, walking back on the threats have sent markets on a rollercoaster ride.
The article from CNBC Daily Open discusses how the U.S. stock market experienced a downturn due to concerns over potential new auto tariffs. President Joe Biden's administration is considering raising tariffs on Chinese-made vehicles, which could extend to all vehicles made in China, including those from European and American manufacturers. This news led to a significant drop in market indices; the Dow Jones Industrial Average fell by 255 points, the S&P 500 by 0.5%, and the Nasdaq by 0.6%. The market's reaction was driven by fears of retaliatory measures from China and the broader implications for global trade. Additionally, the article touches on other market influences like the Federal Reserve's stance on interest rates, with Fed Chair Jerome Powell indicating that rates might remain high to combat inflation, further contributing to market volatility.

Read the Full CNBC Article at:
[ https://www.msn.com/en-us/money/markets/cnbc-daily-open-auto-tariffs-put-markets-in-reverse-gear/ar-AA1BNYTY ]