Markets Sink After Tariffs Are Bigger Than Expected

The US stock market is poised to open with a steep plunge on Thursday in the wake of President Trump's tariff rollout, reports the Wall Street Journal. World markets sank as well.

• Dow futures fell more than 1,100 points, or 2.6%, per CNBC. The benchmark S&P 500 fell 3.3% and the tech-centric Nasdaq was in the worst shape, down 3.6%. Markets in Asia and Europe also dropped sharply, all of which suggests traders didn't expect Trump's tariffs to be as large as they were, notes the New York Times.
• Two big multinational companies in the red were Nike, with shares down 9%, and Apple, down 7%. Companies with a big investment in imported goods also were down, including Five Below (11%), Dollar Tree (10%) and Gap (9%).

• Many nations were still assessing how to respond after Trump levied a 10% tariff on all imported goods, plus extra penalties on countries the White House considers to be "bad actors."
• China, for instance, got hit with a new 34% tariff on top of previous ones, bringing the base tariff on Chinese goods to 54%. In response, the nation's commerce secretary accused Trump of "unilateral bullying." A sampling of others: The European Union got hit with a 20% tariff, Japan 24%, India 26%, and Vietnam 46%.

(More President Trump stories.)