Stock Markets Slide After Trump Unveils Tariffs

Wall Street shuddered as President Trump announced sweeping tariffs on countries across the globe on Wednesday, with the administration unveiling higher taxes on imports than investors had expected, weighing on markets around the world.Futures on the S&P 500, which allow investors to trade the index outside normal trading hours, slumped over 3 percent, while global stock benchmarks also came under pressure.Futures on the Japanese Nikkei 225 index fell over 2 percent ahead of the Asian markets opening.The slide came after Mr.

Trump held up a table listing broad tariffs to be levied on imports from different countries, including a 34 percent tax on Chinese imports, 20 percent on goods coming from the European Union and a 24 percent tariff on Japanese imports.The initial market reaction suggested that the scale of the tariffs on Wednesday had come as a surprise, and analysts were still trying to figure out how the figures had been derived.Shortly after the announcement, some analysts remained confused about the numbers quoted by the administration.“I think the numbers are shockingly high compared to what people were expecting and it is inexplicable in many ways,” said Peter Tchir, head of macro strategy at Academy Securities.

“I think it’s a disaster.”The administration had adjusted its estimates of the tariffs imposed on the United States to include adjustments for what it deemed currency manipulation or even other taxes, with analysts questioning the analytical basis for doing so.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....