Stock market today: Dow, S&P 500, Nasdaq futures drop after Trump announces 25% tariffs on car imports

Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) fell 0.3%. Futures attached to the tech-heavy Nasdaq Composite (NQ=F) tumbled 0.4%.

Trump announced the caller duties from the Oval Office connected Wednesday, saying they would "spur maturation similar you've ne'er seen before." The tariffs connected overseas cars are acceptable to statesman April 2, the aforesaid time that reciprocal tariffs are acceptable instrumentality effect.

Wall Street, however, truthful acold does not look convinced that caller tariffs are an unassailable bully for the economy. Stocks fell connected Wednesday successful anticipation of Trump's announcement, and they person dipped passim the period erstwhile the president has presented a hardline stance connected what's to travel successful the commercialized war.

At the Oval Office, Trump chimed successful again connected upcoming reciprocal levies. "We're going to beryllium precise fair, we're going to beryllium precise nice," the president said, adding "we're going to support it somewhat conservative."

However, arsenic the car tariffs were unveiled, reports emerged that negotiations betwixt the EU and US connected reciprocal duties had made small headway, and the EU is bracing for the announcement of a double-digit tariff complaint crossed the bloc adjacent week.

Investors volition get a caller look astatine ostentation connected Friday, with the merchandise of February's Personal Consumption Expenditures Index, the Federal Reserve's preferred ostentation gauge.

Investors stay disquieted that the US system could buckle if Trump's caller levies exacerbate sticky ostentation and slowing economical growth.

Fed Chair Jerome Powell precocious reassured markets that rising prices from Trump's tariffs are expected to beryllium "transitory," but his stance has raised questions from Fed watchers and, much recently, a cardinal slope policymaker.