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Wall Street is bracing for sharp losses as President Trump’s sweeping tariffs against major trading partners threaten to escalate into a full-scale trade war. Futures trading indicates significant market stress, with the tech-heavy Nasdaq 100 leading declines at 1.9%, the S&P 500 dropping 1.7%, and the Dow falling over 600 points or 1.5%.
The market turbulence extends globally as European stocks retreat and the US dollar index climbs to two-year highs. The impending tariffs – 25% on Canadian and Mexican goods and 10% on Chinese imports – have already triggered retaliatory measures, with Canada announcing counter-tariffs on $107 billion in US products.
The trade tensions are creating significant uncertainty around Trump’s 2025 trade agenda, influencing Federal Reserve policy and threatening consumer prices across multiple sectors including automobiles, energy, technology, and food. With Trump also threatening European tariffs, markets face continued pressure as the global trade landscape grows increasingly uncertain.
