Major U.S. stock index futures plummeted in after-hours trading on Wednesday following President Donald Trump's announcement of the so-called "reciprocal tariffs" on trade partners.
As of 18:35 Eastern Time, the Dow Jones Industrial Average futures had dropped 2.43 percent, the S and P 500 futures were down 3.6 percent, and the Nasdaq Composite futures had slumped 4.35 percent.
Meanwhile, crude oil futures traded on the New York Mercantile Exchange fell more than 2.5 percent in after-hours trading.
Amid widespread opposition, Trump announced in the White House on Wednesday that he is imposing the so-called "reciprocal tariffs" on trading partners.
Displaying a chart illustrating "reciprocal tariffs," Trump announced that the United States has established a "minimum baseline tariff" of 10 percent on practically all imported goods, plus even higher rates on certain trading partners, including China, the European Union, Vietnam, Japan, India, South Korea and Thailand.
Despite Trump's claim that higher tariffs will help bring in revenue for the government and revitalize U.S. manufacturing, economists have warned that such measures will push up prices for U.S. consumers and businesses, disrupt global trade, and hurt global economy.
US stock index futures slump following Trump's tariffs announcement
US stock index futures slump following reciprocal tariffs announcement
US stock index futures slump following reciprocal tariffs announcement
