Market Turmoil Following Trump's Tariff Announcement

Wall Street's premarket session witnessed a significant downturn, with the Dow Jones Industrial Average dropping more than 300 points. This decline comes in the wake of US President Donald Trump's announcement that his upcoming tariffs would encompass "all countries," intensifying fears of a potential international trade conflict and economic downturn.

Upcoming Tariffs and International Tensions

Further exacerbating market anxieties, Trump is set to unveil reciprocal tariffs on April 2, with automotive tariffs scheduled to take effect the following day. The president's recent statements also included harsh criticism of Russian President Vladimir Putin, hinting at possible secondary tariffs on Russian oil purchasers should Moscow interfere with efforts to resolve the Ukraine conflict.

Market and Currency Impact

By 5:54 am ET, the Dow Jones Industrial Average had fallen by 0.73%, the Nasdaq 100 by 1.41%, and the S&P 500 by 1.08%. Meanwhile, the euro experienced a slight decline against the dollar, trading at 1.08142.