Dow futures drop more than 650 points after Trump follows through on threat to raise Americans’ taxes

Source: CNBC

“Stock futures tumbled early Monday to kick off a new trading month, as investors weighed new U.S. tariffs on [American buyers of] goods from key trade partners and their potential impact on the economy and corporate profits. Futures tied to the Dow Jones Industrial Average slid 546 points, or 1.22%. S&P 500 futures dropped 1.4%, while Nasdaq-100 futures lost 1.7%. President Donald Trump on Saturday slapped a 25% tariff on [American buyers of] goods from Mexico and Canada. He also placed a 10% levy on [American buyers of] imports from China. The U.S. does about $1.6 trillion in business with the three countries. Canada responded with retaliatory tariffs of its own, while Mexico said it would explore levies on [Mexican buyers of] U.S. imports. The Chinese government, meanwhile, said it would file a lawsuit with the World Trade Organization.” [editor’s note: Bitcoin remains down as well – TLK] (02/03/25)

https://www.cnbc.com/2025/02/02/stock-market-today-live-updates.html