Stock market today: Dow, S&P 500, Nasdaq futures plummet after Trump hits Canada, Mexico, China with tariffs
US stock futures on Monday pointed to sharp losses for the major indexes, as Wall Street showed the effects of President Donald Trump’s announcement of
tariffs on China, Mexico, and Canada
.
Nasdaq 100 futures (
NQ=F
) dived 2.3%, leading the way down. S&P 500 futures (
ES=F
) spiraled 1.9%, and futures attached to the Dow Jones Industrial Average (
YM=F
) stumbled 1.5%, or around 650 points.
The
tariffs
, set to take effect
on Tuesday
, will include 25% duties on Canada and Mexico, and 10% on China. Energy imports from Canada will be lower with a 10% duty.
The US dollar index (
DX-Y.NYB
,
DX=F
) rose to trade near its highest levels in 12 months. Crude oil (
BZ=F
,
CL=F
) futures
jumped around 2%
.
With Trump’s tariffs arriving as expected over the past week, focus has been honed in on retaliatory announcements.
As Yahoo Finance’s Ben Werschkul reported
, Canada and Mexico were quick to announce measures across a range of US goods. Prime Minister Justin Trudeau said Canada will place 25% counter-tariffs on around $107 billion in American-made products.
The trade war is causing ”
considerable uncertainty about President Trump’s trade agenda for 2025
.” That uncertainty is a large part of the Fed’s desire to keep a hold on rates for
fears of a rise in inflation
.
The tariffs are due to impact consumers directly across a number of industries.
Automobiles and auto parts, gas and oil, clothes, computers, whiskey, and avocados
are a small selection of items whose prices are expected to rise.
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