Stock futures slide after Trump imposes tariffs
CNN
US stock market futures were tending down Sunday, one day after President Donald Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China.
US stock market futures plunged Sunday, one day after President Donald Trump announced 25% tariffs on Canada and Mexico and 10% tariffs on China set to go into effect on Tuesday. Dow futures were down 1.4%, or over 600 points, while S&P 500 futures dropped 1.9%. The futures traded for tech-heavy Nasdaq Composite were down 2.4% as of 6:36 p.m. ET. Bitcoin was also down 3.5% over the last 24 hours. The sharp selloff in the futures market implies the indexes will also open substantially lower when trading kicks off Monday at 9:30 a.m. ET. Hours after the Trump administration announced the tariffs, Mexican President Claudia Sheinbaum said her country will impose retaliatory tariffs, and Canadian Prime Minister Justin Trudeau announced “far-reaching” retaliatory levies. China’s commerce ministry said it will file a complaint with the World Trade Organization and “take corresponding countermeasures,” without elaborating. “This will include immediate tariffs on $30 billion worth of goods as of Tuesday, followed by further tariffs on $125 billion of American products in 21 days’ time, to allow Canadian companies and supply chains to seek to find alternatives,” Canadian Prime Minister Justin Trudeau said Saturday. More than 1,200 goods will be impacted by Canada’s immediate tariffs, according to senior government officials on Sunday. The imposed tariffs would be harmful for states such as Florida, which exports orange juice, fruits and vegetables to Canada, officials said.