Market Turmoil Follows Trump's Tariff Announcement

Wall Street's premarket session witnessed a significant downturn, with the Dow Jones Industrial Average shedding over 300 points. This decline comes amid growing concerns over President Donald Trump's announcement of impending tariffs that would affect "all countries," potentially igniting a global 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 following on April 3. The President also expressed frustration towards Russian President Vladimir Putin, hinting at secondary tariffs on Russian oil purchasers if he perceives Moscow as obstructing efforts to resolve the Ukraine conflict.

Market and Currency Reactions

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