21 hours ago
7
What to cognize astir Trump's latest tariffs
Financial markets astir the satellite tumbled aft President Trump connected Wednesday announced a barrage of caller tariffs, with U.S. banal futures pointing to a crisp driblet erstwhile Wall Street opens for business.
Roughly 2 hours earlier the commencement of commercialized astatine 9:30 a.m. ET, futures for the S&P 500 plunged 190 points, oregon 3.3%, portion futures for the Dow Jones Industrial Average and the tech-heavy Nasdaq composite scale sank 3% and 4%, respectively.
Overseas markets besides slumped successful overnight trading. In Asia, Tokyo's Nikkei 225 scale concisely dipped 4%, with automakers and banks taking large hits, earlier closing down 2.8%, portion South Korea's benchmark Kospi fell 1.1%. In Europe, Germany's DAX fell 1.7%, France's CAC 40 successful Paris mislaid 1.8% and Britain's FTSE 100 shed 1.2%.
Gold prices concisely deed a grounds precocious astatine $3,167 earlier dipping arsenic investors digested the interaction of the White House's escalating commercialized war.
"Stocks are sliding successful each markets arsenic the satellite responds to Trump's worse-than-expected (and absurd) commercialized war," equity expert Adam Crisafulli, caput of Vital Knowledge, told investors successful a probe note.
Mr. Trump said the U.S. would enforce a 10% baseline tariff connected each U.S. trading partners starting April 5. Four days later, the U.S. is besides acceptable to apply reciprocal tariffs on astir 60 countries.
Although U.S. markets drifted up connected Wednesday arsenic investors hoped for much restrained commercialized policies from the White House, world is present biting amid concerns that the system could stall and perchance extremity into recession.
"The Trump medication adopted a shock-therapy attack to tariffs, imposing precise precocious tariffs connected each its large trading partners." analysts with Societe Generale said successful a study connected Thursday.
They added, "These tariffs are undoubtedly worse than immoderate of the worst-case scenarios envisioned earlier, some astatine the aggregate and economy-by-economy levels. This acceptable of tariffs, if they persist, would precise apt extremity planetary commercialized into recession."
The Associated Press contributed to this report.
Alain Sherter is simply a elder managing exertion with CBS News. He covers business, economics, wealth and workplace issues for CBS MoneyWatch.
English (US) ·