June S&P 500 E-Mini futures (ESM25) are down -3.09%, and June Nasdaq 100 E-Mini futures (NQM25) are down -3.42% this morning, pointing to a sharply lower open on Wall Street as sweeping tariffs announced by U.S. President Donald Trump fueled fears of an escalating trade war and economic slowdown.
President Trump on Wednesday unveiled the most aggressive U.S. tariffs in a century as he intensifies his push to reshape world trade. Trump said that a baseline 10% tariff would be imposed on almost all U.S. imports starting April 5th. Also, numerous countries would be hit with additional “reciprocal” tariffs, including total duties of 54% on China, 46% on Vietnam, and 20% on the European Union. The higher tariffs on targeted countries, which will replace - not supplement - the 10% baseline rate, are scheduled to take effect on April 9th, according to the White House. The announcement stoked a global risk-off mood, with gold reaching new highs and the 10-year Treasury yield falling to its lowest level in over five months as investors flocked to haven assets.
