Wall Street pulled back from record highs as fresh trade concerns rattle investors. President Trump has announced steep tariffs on five countries, set to take effect from August 1st, sparking widespread market unease. Meanwhile, Tesla shed $68 billion in market value after CEO Elon Musk’s political ambitions unsettled investors. In contrast, European markets saw gains, buoyed by strength in banking and technology stocks. In commodities, oil prices climbed on hopes of strong U.S. demand, while gold trimmed earlier losses after the announcement of new tariffs. Back home, Aussie shares are expected to fall on Tuesday, ahead of the RBA’s policy decision.
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