U.S. stock futures plummet after Trump hits U.S. trading partners with tariffs
Stock futures tumbled early Monday to kick off a new trading month, as investors weighed new U.S. tariffs on goods from key trade partners and their potential impact on the economy and corporate profits.
Stock futures tumbled early Monday to kick off a new trading month, as investors weighed new U.S. tariffs on goods from key trade partners and their potential impact on the economy and corporate profits.
Futures tied to the Dow Jones Industrial Average slid 546 points, or 1.22%. S&P 500 futures dropped 1.4%, while Nasdaq-100 futures lost 1.7%.
President Donald Trump on Saturday slapped a 25% tariff on goods from Mexico and Canada. He also placed a 10% levy on imports from China. The U.S. does about $1.6 trillion in business with the three countries.
Canada responded with retaliatory tariffs of its own, while Mexico said it would explore levies on U.S. imports. The Chinese government, meanwhile, said it would file a lawsuit with the World Trade Organization.
“Markets may now need to take the rest of Trump’s tariff agenda literally rather than just seriously … If this new level of seriousness gets priced in suddenly, Monday could be a rough day for markets,” Wolfe Research head of U.S. policy and politics Tobin Marcus said in a note.
Rating: 5