Sharp Selloff Expected on Wall Street Amidst Trump Tariffs
Key Points:
* Nasdaq futures dive by 2.2%, leading the decline among major indices.
* S&P 500 futures spiral down by 1.6%, while Dow futures shed 1.1%.
* Tariffs on Canada, Mexico, and China set to take effect on Tuesday.
* Energy imports from Canada to see a 10% duty.
* USD index rises to near-year highs.
* Crude oil jumps 2% as tariffs target imports.
* Retaliatory measures announced by Canada, Mexico, and China.
* Uncertainty over trade agenda creates concerns for Federal Reserve.
* Tariffs expected to impact consumer prices of various goods.