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U.S. stock index futures plunged Wednesday evening following President Donald Trump’s surprise announcement of sweeping new tariffs. All imported goods will face a baseline 10% tariff starting April 5, with significantly higher rates for select countries beginning April 9.
S&P 500 Futures dropped 3.6% to 5,505.25, Nasdaq 100 Futures fell 4.5% to 18,875.50, and Dow Jones Futures slid 2.5% to 41,443.0 by 20:02 ET (00:02 GMT). The sharp decline came as investors feared inflation and potential trade retaliation.
Trump’s announcement includes a 34% tariff on Chinese goods on top of existing 20% duties, while the EU, Japan, and others face 20% to 49% rates. Although Canada and Mexico are exempt from the 10% base rate due to trade agreements, they are still subject to 25% tariffs on most goods. A separate 25% tariff on foreign-made cars and auto parts will begin April 3, 2025.
The president defended the move, citing unfair trade practices and currency manipulation, aiming to boost U.S. manufacturing and reduce the national debt. However, markets reacted negatively, with analysts warning of economic disruption.
ING analysts noted the measures could eventually benefit the U.S. economy but predicted a challenging adjustment period.
Before the tariff news, U.S. stocks closed higher on Wednesday, with the S&P 500 up 0.7%, the NASDAQ Composite gaining 0.9%, and the Dow Jones rising 0.6%. Tesla (NASDAQ:TSLA) shares closed 5.3% higher amid rumors that CEO Elon Musk might step down from a government role—claims Musk later called “fake news.” However, Tesla's Q1 deliveries fell short at 336,681 vehicles versus a 390,000 estimate, sending shares down 7.7% in after-hours trading, reflecting broader market unease.
