Wall Street was expecting a TACO Tuesday. But Dow futures fall 250 points after Trump says he will set tariffs as high as 70%

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• While U.S. markets were closed for the July 4 holiday, stock futures sank on Friday after President Donald Trump said he will start sending out letters informing countries of what tariffs they will face. The rates, which could reach as high as 70%, would become effective Aug. 1, he added. That comes ahead of the July 9 expiration of a temporary pause on his “Liberation Day” tariffs.

U.S. stock futures tumbled on Friday after President Donald Trump said he will start sending out letters informing countries of what tariffs they will face.