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US Weekly Market & Policy Wrap: Tariffs Roil Markets, Retail Reports Mixed, and Legislative Moves Gain Momentum
A turbulent week featuring sharp tariff hikes, uneven retail earnings, significant layoffs, and major legislative developments shaping the business landscape.
The week of May 19–24, 2025, unfolded as a critical period for U.S. markets and policy. Amid escalating trade tensions marked by aggressive tariffs on imports, key retail companies delivered mixed earnings, and Walmart announced workforce reductions. At the same time, lawmakers advanced legislation with potential widespread impact. Here’s a detailed look at the major developments that set the tone for the week.
Trade Policies and Economic Developments
New Tariffs Spark Concern: President Donald Trump announced steep tariffs — a 50% levy on European Union imports and a 25% tariff on Apple smartphones made abroad. These tariffs, effective June, aim to revive domestic manufacturing but have already rattled markets and sparked inflation fears.
Nippon Steel & U.S. Steel Deal: Trump endorsed a major partnership between Japan’s Nippon Steel and U.S. Steel, promising 70,000 new jobs and a $14 billion boost to the U.S. economy. This move underscores the administration’s push to strengthen America’s manufacturing base.
Boeing’s $1.1 Billion Settlement: Boeing reached a tentative agreement with the Justice Department to settle claims tied to the 737 Max crashes, potentially closing a challenging chapter for the aerospace giant.
Legislative Advances: The President signed the “TAKE IT DOWN Act,” criminalizing revenge porn, while the Senate passed the bipartisan “No Tax on Tips Act.” The House narrowly approved the “One Big Beautiful Bill Act,” a sweeping legislative package expected to impact several sectors.
Market Reactions
Stocks Take a Hit: Following tariff announcements, the S&P 500 dropped 2.6%, with the Dow Jones and Nasdaq each down 2.5%. Apple shares plunged more than 6%, reflecting investor worries over smartphone tariffs.
Credit Rating Downgrade: Moody’s downgraded the U.S. credit rating, citing policy uncertainty and rising federal debt nearing 100% of GDP, adding to market unease.
Corporate Earnings and Retail Sector Updates
Mixed Retail Earnings: Several major retailers reported earnings this week: Home Depot (HD), Lowe’s, Target , Ross Stores , and other retail chains revealed mixed results, signaling cautious consumer spending trends amid inflation pressures.
Walmart (WMT) not only reported earnings but also announced a round of layoffs impacting thousands , reflecting strategic shifts to streamline operations amid challenging market conditions..
Other Notable Events
Supreme Court’s TPS Ruling: The Supreme Court upheld the Trump administration’s ability to revoke Temporary Protected Status for roughly 350,000 Venezuelan immigrants, a decision with far-reaching immigration implications.
Harvard International Student Enrollment Blocked: Following the administration’s attempt to halt Harvard’s enrollment of international students, a judge blocked the order pending further hearings, preserving the status quo for now.
Financial Expert’s Call to Action: Financial advisor Dave Ramsey urged lawmakers to reduce political gridlock and adopt policies that support small business growth, emphasizing the need for a stable economic environment.
The week was a microcosm of the larger economic and political shifts underway — from escalating trade tensions and cautious consumer behavior to legislative milestones and corporate restructuring. As these dynamics evolve, the coming weeks will be critical for businesses, investors, and policymakers alike.
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