S&P 500 Futures Sink as Bonds Jump on US Tariffs: Markets Wrap
As the deadline approaches, it’s still not clear how far Trump will go with his reciprocal global trade levies.
Photographer: Michael Nagle/BloombergA tariff offensive Donald Trump billed as key to America’s long-term prosperity went down badly in markets late Wednesday, setting off a rout in equities that had rallied on hopes the program would be less draconian.
S&P 500 futures sank over 3.5% while contracts on the Nasdaq 100 slid 4.5%. Treasury futures surged alongside bonds in Australia and New Zealand, with the flight to haven also lifting the Japanese yen. Trump said he will apply a minimum 10% tariff on all exporters to the US and slap additional duties on around 60 nations. That includes substantially higher rates on some of top trading partners, such as China, the European Union and Vietnam.