Asian markets plunge as world reels from Trump tariff announcement – business live | Trump tariffs

Asian markets plunge as world reels from Trump tariff announcement – business live | Trump tariffs

Key events

US futures plummet, clothing brands hit hard

US futures have fallen sharply, with the Dow Jones dropping 2.4% at around 2345 GMT, the Nasdaq index plunging 4.2%, and the broader futures index for the S&P 500 falling 3.5%. AFP reports:

Wall Street has largely suffered from Trump’s various trade announcements in recent weeks.

“The silver lining for investors could be that this is only a starting point for negotiations with other countries and ultimately tariff rates will come down across the board,” Northlight Asset Management’s Chris Zaccarelli wrote in a note to clients.

“But for now traders are shooting first and asking questions later,” he added.

The share price of technology companies whose components are produced abroad also fell sharply, with Apple losing 7.4% after-hours, Nvidia falling 5.2% and TSMC declining 5.9%.

Futures markets are typically much more volatile than the regular indices.

The clothing sector was also hit especially hard, with a particularly heavy bill for China, where products will be hit by an additional duty of 34% from April 9, and Vietnam, where the new “reciprocal” rate will be 46%.

Brands whose clothes are partly made in China or Vietnam were sharply lower, with Gap down 8.5% after hours, Ralph Lauren falling 7.3%, and Nike losing 7.1%.

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