US Stock Futures Plunge on Tariff Announcement

New York - US stock futures indicate significant losses for major indices as Wall Street reacts to President Donald Trump's announcement of tariffs on China, Mexico, and Canada.

Futures Dive

* Nasdaq 100 futures (NQ=F) lead the decline, dropping 1.9%.
* S&P 500 futures (ES=F) spiral downward by 1.7%.
* Dow Jones Industrial Average (YM=F) futures tumble 1.5%, or over 600 points.

Tariff Details

* Tariffs include 25% duties on Canada and Mexico, and 10% on China.
* Energy imports from Canada will face a reduced duty of 10%.
* Trump has also threatened tariffs on Europe.

Market Reactions

* European stock markets (^STOXX) decline.
* US dollar index (DX-Y.NYB, DX=F) surges near its highest levels in two years.
* West Texas Intermediate crude futures (CL=F) jump over 2%.

Retaliatory Measures

* Canada and Mexico announce counter-tariffs on various US goods.
* Canada's Trudeau pledges 25% tariffs on $107 billion worth of American products.

Impact on Consumers

* Tariffs will impact prices for various items, including automobiles, oil, clothing, and electronics.

Big Three Automakers Hit

* Shares of Ford (F) and General Motors (GM) fall in pre-market trading, reflecting concerns over cross-border trade and higher input costs.

Footwear and Clothing Stocks in Focus

* Analysts expect the new tariffs to impact footwear and clothing retailers, with companies like Yeti (YETI) facing significant exposure.

Goldman Sachs Warns of Earnings Impact

* Goldman Sachs warns that sustained tariffs could reduce S&P 500 earnings growth and drive down stock prices.

Asia Stocks Fall, Tech Buoys Hong Kong

* Hong Kong-listed Chinese stocks outperform Asian peers thanks to strength in the tech sector.

European Stocks Tumble

* European stocks fall sharply amid fears of retaliatory tariffs.
* Carmakers, including Stellantis, lead the sell-off.

Asian Markets Slide

* Asian markets slump after Trump's tariff announcement.
* Major indices in Hong Kong, Japan, South Korea, and Australia suffer heavy losses.

Impact on Oil Prices

* West Texas Intermediate and Brent crude futures jump in response to tariffs on Canadian oil.
* Consumers anticipate higher energy prices.