US Market Sell-Off: Dow, Nasdaq Futures Sink 700 Points After Trump Tariffs
Global markets tumbled as U.S. stock futures plummeted in response to new tariffs announced by former President Donald Trump. The Dow Jones Industrial Average futures fell more than 700 points, while the S&P 500 and Nasdaq futures also suffered steep declines.
Trump's Tariff Announcement Sparks Market Chaos
The sharp sell-off followed Trump's latest move to impose a 25% tariff on imports from Canada and Mexico and a 10% tariff on Chinese goods, set to take effect next Tuesday. Additionally, Canadian and Mexican energy supplies will face a 10% duty, with further levies on select goods expected in the coming months.
Global Markets React
The impact of these tariffs has rippled across global markets:
European markets: Germany's DAX index dropped 2%, while the UK's FTSE 100 declined 1.25% at the opening bell.
Asian markets: Japan’s Nikkei 225 slid 1.8%, and Hong Kong’s Hang Seng Index dropped 2.3% overnight.
Canada, Mexico Announce Retaliatory Tariffs
In response, Canada announced $155 billion in counter-tariffs on U.S. imports, with more potential restrictions in the pipeline. Mexico is also expected to impose retaliatory tariffs targeting key U.S. industries.
Investor Concerns Grow
The fear of an escalating global trade war has left investors uncertain about the market’s future. Analysts warn that these tariffs could lead to:
Higher costs for U.S. companies
Increased inflation pressures
A potential slowdown in global trade
What’s Next?
With market volatility at a high, all eyes are on potential negotiations between the U.S. and its trading partners. Investors and businesses will closely watch how the Federal Reserve and policymakers respond to the mounting economic uncertainty.
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