Global Markets Reel as Trump's Trade War Escalates

US Stock Futures Plunge Ahead of Monday Open as Trump Tariffs Shock Continue

US stock futures plummeted Sunday night, setting the stage for a tumultuous Monday trading session, as the market struggled to absorb the shockwaves from President Donald Trump's surprise announcement of new tariffs on steel and aluminum imports.

The Dow Jones Industrial Average futures contract fell 1.3% to 24,200, while the S&P 500 futures contract dropped 1.2% to 2,630. The Nasdaq Composite futures contract tumbled 1.5% to 6,900.

The sudden and unexpected move by the Trump administration to impose 25% tariffs on steel and 10% tariffs on aluminum imports sent shockwaves through the global markets, sparking concerns about the potential impact on the US economy and global trade.

The tariffs, which are set to take effect in 15 days, are expected to hit a range of industries, including automakers, construction companies and manufacturers, who rely heavily on steel and aluminum imports.

The market's reaction was swift and severe, with investors rushing to sell off stocks and seek safe-haven assets, such as gold and bonds.

The decline in US stock futures was mirrored by a sharp fall in global equity markets, with major indexes in Europe and Asia also plummeting.

The Trump administration's move has been widely criticized by business leaders, lawmakers and economists, who warn that the tariffs could lead to retaliatory measures from other countries, sparking a trade war that could have far-reaching consequences for the global economy.

The market volatility comes as investors are already nervous about the potential impact of rising interest rates and inflation on the US economy. The tariffs announcement has added a new layer of uncertainty, making it a challenging start to the week for investors.