Wall Street Reacts to Trade War Escalation

Wall Street futures faced significant losses this Friday, following President Donald Trump's announcement of new tariffs. The President has declared a 35% tariff on Canadian goods, effective August 1, and hinted at imposing 15% to 20% tariffs on the European Union. This move has sparked concerns among investors, leading to a sharp decline in major indices.

Market Impact

By 4:21 am ET, the Dow Jones had plummeted by 226 points (0.50%), with the Nasdaq 100 and S&P 500 also witnessing declines of 0.59% and 0.58%, respectively. The euro also felt the pressure, trading 0.13% lower against the dollar at 1.16852 by 4:32 am ET.