Key Points
Trump imposes at least 10% tariffs across all countries
Tariff rates vary from 20% to 49% for different nations
Stock markets initially tumble after announcement
Futures indicate significant market volatility
While speaking briefly with the media, Trump took a question on the stock market drop following the tariffs and said, "I think it's going very well," and added that the United States will "have six or seven trillion dollars coming into our country."
He further said, "The markets are going to boom. The stock is going to boom. The country is going to boom -- and the rest of the world wants to see if there is any way they can make a deal. They (Countries) have taken advantage of us for many, many years."
Amid worldwide criticism, Trump declared a national economic emergency and announced tariffs of at least 10 per cent across all countries, with rates even higher for 60 countries.
The tariff plan imposed high levies on many countries, including 26 per cent on India, 49 per cent on Cambodia, 46 per cent on Vietnam, 34 per cent on China, 24 per cent tariff on Japan, 20 per cent on the EU, US media reported, noting that more than 180 countries and regions will face tariffs.
CNN reported on Thursday that US stocks tumbled in after-hours trading as President Donald Trump delivered remarks at the Rose Garden and unveiled sweeping tariffs. All eyes will now be on the Asian indices when they open for trading.
Dow futures tumbled 256 points, or 0.61%. S&P 500 futures slid 1.69%. Futures tied to the Nasdaq 100 fell 2.54%.
Stocks had closed higher ahead of Trump's tariff announcement but began to slide as Trump revealed his administration's plan for rolling out tariffs.
Exchange-traded funds that track the major stock indexes also tumbled in after-hours trading. An ETF tracking the Dow fell 1.1%, while an ETF tracking the S&P 500 slid 2.2%, and an ETF tracking the Nasdaq 100 slid 3%, CNN reported.
Comments:
I'm cautiously optimistic about this. The US has been getting the short end of trade deals for decades. Maybe some tough negotiations will finally level the playing field. 🤞
The market reaction says it all - down over 2% on Nasdaq futures. This feels like playing with fire when we're just coming out of pandemic recovery. Short term pain for long term gain? Maybe, but I'm not convinced.
Finally! Someone standing up for American workers and industries. Other countries have been dumping cheap products here for years while protecting their own markets. About time we fought back!
I respect the intention but worry about execution. 49% on Cambodia? That seems extreme for a developing economy. Couldn't we have more targeted tariffs instead of this blanket approach?
As a small business owner who imports materials, this terrifies me. My costs are about to skyrocket overnight. The president talks about big numbers but what about the little guys? 😟
Interesting how markets rose before the announcement then tanked after details came out. Wall Street clearly doesn't share Trump's optimism. Will be watching Asian markets closely tonight.
