US Stock Futures Tumble as Trump Imposes 10% Global Tariff
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US stocks reversed course to turn sharply lower after President Donald Trump said the US will start imposing 10% tariffs on its global trading partners, with dozens of countries with the largest trade imbalances facing sharply higher rates.
Futures tracking the S&P 500 Index and the Nasdaq 100 Index were down 1.5% and 2.3% respectively as of 4:45 p.m. in New York, driven by losses in Big Tech stocks like Nvidia Corp., Tesla Inc., Microsoft Corp. and Apple Inc. Airline shares dropped, with Delta Air Lines Inc., Southwest Airlines Co. and United Airlines Holdings Inc. all down.