Jiang Junzhe and Matt Ott, Associated Press
The global market slipped further, with Wall Street responding to its own tariff set on Friday to President Donald Trump’s latest tariff set, before heading out on another day of losses on another Sunday.
The S&P 500 futures fell 3.6% before the bell, but the Dow Jones Industrial Average futures fell 3.4%, below the 40,000 mark. Nasdaq futures fell 4%.
This follows Thursday’s losses for three major US indexes ranging from 4% to 6%. Thursday’s wipeout was the worst day on Wall Street in five years.
European markets were having an even more rough time on Friday. By noon, German DAX had lost 5%, Paris’ CAC 40 had slipped 4.2%, and UK’s FTSE 100 had given up on 3.8%.
Oil prices fell by 8%.
Earlier on Friday, China announced it would impose a 34% tariff on all US products from April 10, part of a surge in retaliatory measures following double-digit tariffs on Trump’s “liberation day” double-digit tariffs.
The new tariffs coincide with the 34% US “mutual” tariffs on China’s exports that Trump ordered this week.
The US exports a range of products to China, including machinery, soybeans, corn and aerospace products. Deere & Co, a 4.7% decline in Permarket, is expected to suffer from Chinese tariffs. Includes: Boeing slipped 6%.
Apple saw its stock drop by 4.7%.
Beijing’s Commerce Ministry also said it would impose more export controls on rare earths, materials used in high-tech products such as computer chips and electric vehicle batteries.
The Chinese government also has made 27 additional US companies trade sanctions or export controls and has filed a lawsuit with the World Trade Organization against tariffs.
From crude oil to massive high-tech stocks to the value of the US dollar against other currencies, everything has been declining since Trump’s tariff announcement on Wednesday afternoon. Even Gold, a traditional safe haven that recently reached record highs, has been pulled low.
Trump has announced a minimum 10% tariff on global imports, with tax rates much higher for products in certain countries in China and the European Union. Small and poor countries in Asia were slapped at 49% tariffs.
Economists say tariffs increase the risk of weakening economic growth and a potentially toxic mix of higher inflation.
According to UBS, it is completely “plausible” to levels comparable to levels comparable to levels comparable to levels comparable to invisible levels in more than a century, potentially reducing US economic growth by 2 percentage points and increasing nearly 5%.
Later on Friday, the US government will provide its March employment report.
Along with general fears about the health of the US economy, Treasury yields have fallen in part by rising expectations for cuts. The 2010 Treasury yield fell to 3.89% from 4.01% in the second half on Thursday, down from around 4.80% in January. The last time it fell below 4% was in October.
US benchmark crude cuts from $5.32 to $61.63 at its lowest level since mid-2021. International standard Brent crude oil fell by $5.26 at $64.88 a barrel.
Exxon Mobil’s shares slide 4.2%, while Chevron fell another 4%.
Markets in Shanghai, Taiwan, Hong Kong and Indonesia were closed on holidays, limiting the scope of Friday sales in Asia.
Tokyo’s Nikkei 225 lost 2.8% to 33,780.58, while Korean Cospi sank 0.9% to 2,465.42.
Two US allies said they are focusing on negotiating lower tariffs with the Trump administration.
Australia’s S&P/ASX 200 fell 2.4% to close at 7,667.80.
Other transactions earlier on Friday saw the US dollar fall from 146.06 to 144.89 yen. While the yen is often used as a refuge in times of uncertainty, Trump’s policy aims to weaken the dollar to make American-made goods more competitive overseas. The euro rose from $1.1055 to $1.1074.
Original issue: April 4, 2025, 8:27am EDT
