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TLDR US stock futures plunged Sunday, following $5.4 trillion in market losses last week Trump’s universal tariff took effect Saturday, with higher “reciprocal” tariffs coming Wednesday China announced 34% tariffs on all US goods in retaliation Oil fell below $60 per barrel as recession fears grow Bitcoin dropped to $78,736, down from over $100,000 post-election The shockwave from President Donald Trump’s massive tariff announcement continued to rattle global markets on Sunday evening, as US stock futures pointed to another day of steep losses when trading opens Monday morning. This follows the worst two-day stretch for stocks in five years, which already wiped out over $5.4 trillion in market value. Futures trading Sunday evening painted a grim picture. Dow futures fell 1,250 points, or 3.3%. S&P 500 futures dropped 3.7%, while tech-heavy Nasdaq futures tumbled 4.6%. Asian markets opened to what traders described as a “bloodbath.” Japan’s Nikkei fell 8% at the open, triggering circuit breakers that temporarily halted trading. Hong Kong’s Hang Seng Index plunged 13% in one of its biggest single-day falls ever. European markets followed the downward trend. The Stoxx 600, FTSE 100, Germany’s DAX, and French and Italian markets all dropped around 5%. Tariff Implementation Timeline The universal tariff that sparked the market panic went into effect Saturday after Trump signed an executive order earlier in the week. This baseline tax applies to all imports entering the United States. On Wednesday, much higher “reciprocal” tariffs will hit nearly 90 countries that have the largest trade imbalances with the US. For countries like China, these tariffs could reach as high as 79%. China has already announced its countermeasures. Starting Thursday, China will impose a 34% tariff on all goods imported from the United States, escalating fears of a damaging trade war. Commerce Secretary Howard Lutnick made the administration’s…

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Filed under: News - @ April 7, 2025 2:24 pm