US stock futures plummeted on Sunday evening, with Dow futures down 170 points or 0.41%, S&P 500 futures falling 0.77% and Nasdaq futures sinking 1.4%. The news comes ahead of President Donald Trump’s latest trade move, which is expected to intensify his trade war.
According to the Wall Street Journal, Trump has pushed his advisers to consider a global tariff of up to 20% on nearly all countries, sparking concerns among investors. This would be a significant escalation of his trade policies, with estimates suggesting the effective US tariff rate could hit 18% if implemented.
Reciprocal tariffs are still an option, but one source suggests Trump wants a “big and simple” policy that will be broader than Treasury Secretary Scott Bessent’s plan to set tariffs on 15 countries. The White House has not commented on the reports, which also indicate Trump is considering a single universal tariff as part of his efforts to transform the US economy.
The market’s worst fears may have been confirmed as Trump’s auto tariffs are seen as contributing to the selloff. His stance on pricing and consumer behavior remains unchanged, with the President saying he hopes consumers will buy American-made cars if prices rise.
A critical week for markets and the economy is ahead, with several reports due out this week that could reveal the stress caused by Trump’s tariffs and federal job cuts. The Institute for Supply Management’s manufacturing activity index and ADP private-sector payroll data are set to be released on Tuesday and Wednesday, respectively.
Source: https://fortune.com/2025/03/30/stock-market-today-dow-futures-trump-tariffs-20-percent-global-rate-economy