(Reuters) – The New York Stock Exchange opened clearly down on Monday, hampered by fears weighing on the American economy while reciprocal customs duties announced by President Donald Trump should come into force during the week.

In the first exchanges, the Dow Jones index loses 290.65 points, or 0.70% to 41,293.25 points and the Standard & Poor’s 500, wider, fell from 1.03% to 5,523.61 points.

The Nasdaq Composite gives in 1.65%, or 285.38 points, to 17,037.61 points.

President Donald Trump is due to specify Wednesday the contours of so-called “reciprocal” customs duties on the main trade partners of the United States.

The White House tenant still rocked the spirits on Sunday on board the Air Force One by declaring to journalists that these customs rights would apply to all countries and not only to a small group of 10 to 15 nations with commercial imbalances at the detriment of Washington.

There is no guarantee, however, that uncertainty will be reduced this Wednesday, the day when the American president should reveal the details of his plan.

“We doubt that the ‘Liberation Day’ marks the end of uncertainty surrounding customs duties (…) It is in fact more likely that the deadline of April 2 introduces even more uncertainty, hence the generalized and prolonged weakness of advanced indicators,” said Max Kettner, strategist at HSBC.

Goldman Sachs also noted the probability of a recession in the United States from 20% to 35% and says it provides new rate drops on the share of the Federal Reserve (Fed). The broker is now expecting the American central bank to reduce its rates in July, September and November, when it previously provided two declines in June and December.

To values, pharmaceutical laboratories suffer as the Wall Street Journal reported on Friday that Peter Marks, director of the American FDA Organic Products Center, had been ousted and left its duties on April 5.

He publicly supported the programs that accelerated the development of treatments for rare diseases and gene therapies during his mandate and played a key role in the development of COVVI-19 vaccines during the first term of President Donald Trump.

Companies specializing in vaccines and gene therapy, such as Moderna, Novavax and Taysha Gene Therapies fell 8.4% to 14% at the opening.

The technological sector also fell back due to fears related to customs duties: the car manufacturer Tesla – whose delivery forecasts in 2025 were revised downwards by the Stifel broker – lost 6.5%.

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(Written by Diana Mandiá, edited by Blandine Hénault)

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