Wall Street remains mostly calm after Trump ramps up his tariffs

The Dow Jones Industrial Average was down 6 points, or less than 0.1%, as of 9:37 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.

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.

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.

In the meantime, a 15% tariff rate could be lower than some countries had negotiated in deals with the United States.

The United States plans to stand by its trade deals and expects its partners to do the same, U.S. Trade Representative Jamieson Greer said in a CBS News interview Sunday.

In other markets, the U.S. dollar’s value edged lower against other currencies, while gold continued to rise as it benefits from its reputation as something safer to own during uncertain times. Bitcoin briefly fell below $65,000 overnight before pulling back above $66,000.

On the whole, though, the moves remained much more modest than the panic that swept through global markets in April after Trump initially announced his “Liberation Day” tariffs.

On Wall Street, Novo Nordisk’s stock that trades in the United States tumbled 13.9% after the Danish drugmaker said people lost a smaller percentage of their weight in a trial for its CagriSema drug versus a similar one made by rival Eli Lilly. Eli Lilly rose 3.1%.

Domino’s Pizza rose 5.1% after the delivery chain said it expects its market share to further expand in 2026 and reported strong same-store sales figures for the fourth quarter.

In stock markets abroad, indexes were mixed in Europe. Germany’s DAX lost 0.4%, for example, while France’s CAC 40 added 0.1%. European stocks had risen on Friday after the Supreme Court’s ruling.

In Asia, where markets got their first chance to react to the court’s ruling, Hong Kong’s Hang Seng jumped 2.5%, while South Korea’s Kospi rose a more modest 0.6%.

Markets in Japan and mainland China were closed for holidays.

In the bond market, the yield on the 10-year Treasury fell to 4.06% from 4.08% late Friday.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.