NEW YORK (AP) \u2014 U.S. stocks slumped Monday after President Donald Trump\u00a0ramped up his newest tariffs, while investors continued to\u00a0punish companies\u00a0that could be losers in the artificial-intelligence revolution.<\/p>\n
READ MORE: Trump increases global tariffs to 15% after Supreme Court decision<\/a><\/p>\n The S&P 500 fell 1% after Trump said on Saturday that he would place\u00a0temporary 15% tariffs\u00a0on other countries. That’s up from the 10% rate he announced Friday following\u00a0a Supreme Court ruling\u00a0that struck down his sweeping “reciprocal” taxes on imports from around the world.<\/p>\n The Dow Jones Industrial Average dropped 821 points, or 1.7%, and the Nasdaq composite sank 1.1%.<\/p>\n Trump’s quick move toward more aggressive tariffs shows\u00a0how much uncertainty still hangs\u00a0over the\u00a0global economy, even after the Supreme Court said the president lacked the legal authority to institute his sweeping “reciprocal” tariffs.<\/p>\n Beyond a 15% tariff that could last for up to 150 days, unless Congress extends it further, Trump is moving forward on other avenues to place more permanent tariffs on countries and industries. That has trading partners uneasy. South Korea’s trade minister, Kim Jung-kwan, said Monday that\u00a0uncertainty may worsen\u00a0if the Trump administration continues imposing new tariffs under alternative laws.<\/p>\n To be sure, Monday’s moves for markets weren’t close to as bad as\u00a0the panic that swept the world in April,\u00a0when Trump initially announced his “Liberation Day” tariffs. U.S. stocks were modestly higher for a brief moment during the morning.<\/p>\n The U.S. dollar’s value edged lower against other currencies. Bitcoin briefly fell below $64,000 but remained above its low point reached earlier this month. Gold continued to rise thanks to its reputation as something safer to own during uncertain times.<\/p>\n Investors may be sensing it will take a long time, as well as more court battles, before more clarity comes about how global trade will look.<\/p>\n “Stocks got a boost Friday from the Supreme Court’s 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,” according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.<\/p>\n On Wall Street, big losses hit companies under suspicion of getting undercut by AI-powered rivals. Investors have been sharply and suddenly\u00a0punishing stocks of such companies\u00a0recently.<\/p>\n