03/04/2025 Daily Reports
- US. stock futures plunged Thursday, with the Dow Jones futures tumbling over 1,200 points and Nasdaq contracts sinking more than 4%, after President Donald Trump unveiled aggressive new “Liberation Day” tariffs.
- The sweeping levies, aimed at countries with duties on U.S. goods, raised China’s tariff rate to 54%, hammering tech giants like Apple and Nvidia due to supply chain concerns.
- European Central Bank President Christine Lagarde warned the tariffs would have negative global consequences, stressing the unpredictability and potential harm even to those imposing them.
- Markets worldwide reeled from the announcement, as investors fear a drawn-out trade war and escalating economic uncertainty.
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Markets Tumble as Trump Unveils Aggressive Tariffs, Recession Fears Mount
Global markets sold off sharply after President Donald Trump announced sweeping new tariffs, reigniting fears of a global trade war and economic downturn. Wall Street futures dropped around 3%, Japan’s Nikkei fell by a similar margin, and European futures slid 1.7%. U.S. Treasury yields hit multi-month lows, while the dollar weakened amid rising market anxiety.
Trump revealed a series of tariffs live on television, including a 34% tariff on Chinese goods, 20% on the EU, 32% on Taiwan, 24% on Japan, and 46% on Vietnam. The higher tariffs on Asian exports sent shockwaves through technology stocks, with Apple shares falling 7% in after-hours trading.
Analysts widely warned that the move threatens global growth and increases the risk of recession. Markets are now pricing in 80 basis points of Federal Reserve rate cuts this year, even as the tariffs are expected to drive inflation higher. Uncertainty over how long the tariffs will remain in place and the likelihood of retaliatory measures from trade partners have further rattled investor confidence, drawing comparisons to the protectionist policies that worsened the Great Depression.
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