By STAN CHOE, AP Business Writer<\/p>\n
NEW YORK (AP) \u2014 U.S. stocks are falling Monday after\u00a0President Donald Trump<\/a>\u00a0took little time to ramp up his newest tariffs, but Wall Street is remaining much more calm than it did during\u00a0last year\u2019s tariff- and panic-driven swings<\/a>.<\/p>\n The S&P 500 fell 0.7% after Trump said on Saturday that he would place\u00a0temporary 15% tariffs<\/a>\u00a0on other countries. That\u2019s up from the 10% rate he had announced Friday in response to\u00a0a Supreme Court ruling<\/a>\u00a0that struck down his sweeping \u201creciprocal\u201d taxes on imports from around the world.<\/p>\n The Dow Jones Industrial Average was down 618 points, or 1.2%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.7% lower.<\/p>\n Trump\u2019s quick shift toward even more aggressive tariffs shows\u00a0how much uncertainty still hangs<\/a>\u00a0over the\u00a0global economy<\/a>, even after the Supreme Court said the president lacked the legal authority to institute his sweeping \u201creciprocal\u201d tariffs.<\/p>\n 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\u2019s trade minister, Kim Jung-kwan, said on Monday that\u00a0uncertainty may worsen<\/a>\u00a0if the Trump administration continues imposing new tariffs under alternative laws.<\/p>\n In the meantime, a 15% tariff rate could be lower than some countries had negotiated in deals with the United States.<\/p>\n 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.<\/p>\n In other markets, the U.S. dollar\u2019s 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.<\/p>\n On the whole, though, the moves remained much more modest than\u00a0the panic that swept through global markets in April<\/a>\u00a0after Trump initially announced his \u201cLiberation Day\u201d tariffs. That may be because investors can sense it may be a long time, as well as several more court battles, before more clarity comes about how global trade will look.<\/p>\n \u201cStocks got a boost Friday from the Supreme Court\u2019s tariff ruling, but it quickly became clear that the decision was simply going to open a new chapter in the trade saga, not end it,\u201d according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.<\/p>\n On Wall Street, stocks of airlines fell after heavy snow and high winds canceled thousands of flights across the busy Northeast.<\/p>\n United Airlines lost 4.7%, American Airlines fell 4.3% and Delta Air Lines sank 4.1%.<\/p>\n Novo Nordisk\u2019s stock that trades in the United States tumbled 15.1% 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 3.4%.<\/p>\n Domino\u2019s Pizza rose 3.2% 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.<\/p>\n In stock markets abroad, indexes were mixed in Europe. Germany\u2019s DAX lost 0.6%, for example, while France\u2019s CAC 40 added 0.1%. European stocks had risen on Friday after the Supreme Court\u2019s ruling.<\/p>\n In Asia, where markets got their first chance to react to the court\u2019s ruling, Hong Kong\u2019s Hang Seng jumped 2.5%, while South Korea\u2019s Kospi rose a more modest 0.6%.<\/p>\n Markets in Japan and mainland China were closed for holidays.<\/p>\n In the bond market, the yield on the 10-year Treasury fell to 4.05% from 4.08% late Friday.<\/p>\n A top official at the Federal Reserve\u00a0said Monday<\/a>\u00a0that the Fed could skip a rate cut at its next meeting in March following\u00a0solid job gains<\/a>\u00a0in January, even though\u00a0Trump has been<\/a>\u00a0lobbying angrily for lower rates.<\/p>\n