Wall Street reacts to Trump's 'Liberation Day' tariff surprise, stocks sink.
President Trump surprised markets again on Wednesday, announcing steep reciprocal tariffs on a range of trading partners in addition to a "baseline" reciprocal tariff rate of 10% in a move that sent markets tumbling.
"The tariffs were definitely worse than we had anticipated," Deutsche Bank senior US economist Brett Ryan told Yahoo Finance.
For example, Chinese imports are set to be hit by a 34% tariff while imports from the European Union will be dealt 20% tariffs. Trump said the tariff calculations were actually only "half" of what they could've been had the administration chose to match White House estimates of how other countries tariff the US.
Stocks sold off sharply following Trump's announcement.
The decline in US stock futures was led by Nasdaq 100 futures, which were down more than 4.5% near 6:15 p.m. ET. S&P 500 futures were down 3.5% while contracts tied to the Dow were off closer to 2.2%.
President Trump surprised markets again on Wednesday, announcing steep reciprocal tariffs on a range of trading partners in addition to a "baseline" reciprocal tariff rate of 10% in a move that sent markets tumbling.
"The tariffs were definitely worse than we had anticipated," Deutsche Bank senior US economist Brett Ryan told Yahoo Finance.
For example, Chinese imports are set to be hit by a 34% tariff while imports from the European Union will be dealt 20% tariffs. Trump said the tariff calculations were actually only "half" of what they could've been had the administration chose to match White House estimates of how other countries tariff the US.
Stocks sold off sharply following Trump's announcement.
The decline in US stock futures was led by Nasdaq 100 futures, which were down more than 4.5% near 6:15 p.m. ET. S&P 500 futures were down 3.5% while contracts tied to the Dow were off closer to 2.2%.
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