Global markets face a turbulent week after U.S. President Donald Trump’s Friday tariff announcement sent U.S. stock futures plummeting and triggered massive crypto liquidations, signaling deepening concerns about prolonged higher interest rates.
Dow futures dropped 1.2% late Sunday, while S&P 500 and Nasdaq futures tumbled 1.9% and 2.7% respectively following Trump’s announcement of 25% tariffs on Mexican and Canadian goods and 10% levies on Chinese imports. Those are set to take effect on Monday at 12:01 a.m. EST ($0.00).
Bitcoin and Ethereum have sunk 5% and 10% respectively while Dogecoin and XRP ($2.31) are down 19% apiece.
Crypto markets, trading 24/7, have become early indicators of broader market sentiment. The decline across futures markets and crypto suggest traders expect significant turbulence when U.S. markets open on Monday.
The upheaval precedes a crucial earnings week, with over 120 S&P 500 companies reporting results. Market observers warn that sustained trade tensions could significantly impact corporate profits and growth expectations for the year ahead.
“There was always going to be extra volatility early on, Trump says he is trying to stop the flow of fentanyl coming across from Mexico and Canada,” Ryan McMillin, chief investment officer at crypto fund manager Me…
