Futures rally then slump on dramatic tariff news
The US president caused some impressive gyrations in markets with his tariff announcement. Trump's initial remarks seemed to confirm that he would only impose 10% tariffs across the board, sending stocks higher and the dollar lower, but the moves were swiftly reversed as he unveiled his presentation.
The full range of tariffs deals a remarkable blow to the global trading system, as the US enacts steep charges on its main trading partners. The news has sent futures sharply lower and has boosted the dollar. Stocks had rallied into today's news, and this scenario is far worse than had been anticipated. After a brief relief rally, the outlook for equity markets seems grim.
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