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U.S. stock futures were lower Tuesday after a big selloff on Wall Street, as President Donald Trump’s tariffs on Canada, Mexico and China took effect — leading to retaliation from some of those countries.
Futures for the Dow Jones Industrials settled 67 points, or 0.2%, to 43,187
Futures for the S&P 500 index faded 15.02 points, or 0.3%, to 5,845.75
Futures for the tech-heavy NASDAQ slid 53 points, or 0.3%, to 20,415.25.
The benchmarks dropped after Trump confirmed that the U.S.’ 25% duties on Canada and Mexico would go into effect. He added that there was “no room left” for the two nations to negotiate these new import tariffs. Trump also slapped an additional 10% tariff on Chinese goods. These levies took effect at midnight
China retaliated with additional tariffs of up to 15% on some U.S. products. Canadian Prime Minister Justin Trudeau said his country would also put a 25% levy on U.S. goods.
Shares of GM and Ford were lower in premarket trading, following losses of 11% and 5% respectively this year on fears over tariffs.
Monday’s selloff dragged the S&P 500 into the red for 2025.
In Japan, the Nikkei 225 let go of 1.2%, while in Hong Kong, the Hang Seng fell 0.3%.
Oil prices slipped 94 cents to $67.43 U.S. a barrel.
Gold prices hiked $29.80 to $2,930.90 U.S. an ounce.
