FX.co ★ US Futures Plunge on Sweeping Tariffs

U.S. stock futures experienced a significant downturn on Thursday following President Donald Trump's announcement of substantial reciprocal tariffs, ranging from 10% to 49%. This development has heightened fears of a potential global trade war, which may severely impact the U.S. economy. Futures linked to the Dow Jones Industrial Average and the S&P 500 fell by over 2% and 3%, respectively, while Nasdaq 100 futures registered a decline of more than 4%. Companies characterized by global supply chains and a high dependency on imports experienced substantial losses, with Apple's shares declining 7.5%, Nike's falling by 7%, Five Below's dropping 14%, Dollar Tree's slipping by 11%, and Gap's decreasing by 8.5%. Major technology stocks also suffered steep declines, including Tesla, which dropped 7.2%, Nvidia, which fell 5.2%, and Amazon, which decreased by 5.8%. In a significant escalation, President Trump enforced an additional 34% tariff on Chinese products, raising the total tariffs on Chinese imports to 54%. The European Union now contends with a 20% duty, while prominent Asian exporters like Vietnam and Cambodia face substantial tariffs of 46% and 49%, respectively.