Stock market futures rebounded on July 24 as the Trump administration imposed new tariffs of 10% and 12.5% on goods from 60 trading partners, including the European Union and China, replacing a temporary 10% global levy that expired the same day.
Dow Jones Industrial Average futures rose roughly 0.4%, while S&P 500 futures edged 0.2% higher, according to Yahoo Finance. Nasdaq-100 futures hovered near the flatline as markets stabilized after a sharp sell-off on Thursday that wiped out nearly $800 billion in market value from the “Magnificent Seven” tech stocks.
The new tariffs went into effect overnight, grounded in Section 301 authority rather than the emergency powers that the Trump administration had previously relied on. The White House exempted some energy products from the tariffs, a move that helped oil prices decline on Friday as Brent crude futures fell 2% to trade below $99 per barrel, according to Yahoo Finance.
The temporary 10% import surcharge, imposed in February under the president’s balance-of-payments authority, had been set to expire on July 24 absent congressional action. The new Section 301 tariffs were designed to better withstand legal scrutiny after the Supreme Court struck down the administration’s earlier global tariff authority in February 2026, according to reporting from Reuters and Barron’s.
International trading partners reacted swiftly to the announcement. The European Union’s foreign policy chief Kaja Kallas told Reuters the tariffs were “a negative surprise,” citing the bloc’s strong labor standards. Australia’s trade minister called the tariffs “completely unjustified,” while Brazil’s government stated the tariffs lacked legal basis and said it would pursue remedies through the World Trade Organization’s dispute settlement mechanism, according to Reuters.
Investors assessed the tariff action against a backdrop of elevated oil prices and concerns about artificial intelligence spending by major tech companies. The stock market was on track for weekly losses despite the Friday rebound, as Alphabet and Tesla’s announcements of ballooning AI spending had spooked markets on Thursday, according to Yahoo Finance.
Sources
- Reuters — details of new tariffs imposed on 60 trading partners and international reactions
- Yahoo Finance — stock futures movements, market context, and oil price movements
- Barron’s — context on temporary tariff expiration and new tariff authority
