Global markets, Wall Street continue to slide after China slaps retaliatory tariffs on imports

Global markets tumble as China retaliates to Trump's tariffs, impacting stocks, oil prices, and global economic outlook.

Global markets slid further and Wall Street was on track for another day of crushing losses Friday (April 4, 2025) after China responded to U.S. President Donald Trump’s latest set of tariffs with some of their own.

Futures for the S&P 500 fell 3.6% before the bell, while futures for the Dow Jones Industrial Average shed 3.4%, falling below the 40,000 mark. Nasdaq futures tumbled 4%.

That follows Thursday’s (April 3, 2025) losses for the three major U.S. indices, which ranged between 4% and 6%. Thursday’s (April 3, 2025) wipeout was Wall Street’s worst day in five years.

Markets in Europe were having an even rougher time on Friday (April 4, 2025). By midday, Germany’s DAX had lost 5%, the CAC 40 in Paris slipped 4.2% and Britain’s FTSE 100 gave up 3.8%.

Oil prices fell as much as 8%.

China announced early Friday (April 4, 2025) that it will impose a 34% tariff on imports of all U.S. products beginning April 10, part of a flurry of retaliatory measures following Mr. Trump’s “Liberation Day” slate of double-digit tariffs.

The new tariff matches the rate of the U.S. “reciprocal” tariff of 34% on Chinese exports Mr. Trump ordered this week.