Trump implemented steep tariffs, causing markets to drop with tech stocks like Apple and Amazon sinking.

From Yahoo Finance: 2025-04-02 18:23:00

President Trump implemented steep reciprocal tariffs, with rates ranging from 10% to 34% on trading partners. Markets reacted negatively, with Nasdaq 100 futures down over 4.5%. Tech stocks like Apple, Nvidia, Meta, Amazon, and Tesla saw significant declines. Economists project an overall effective tariff rate of 25%-30% and suggest increased recession risk.

Experts describe the tariff announcement as a “massive shock to the economy” and predict the highest US tariff rate in over a century. Investors are uncertain about the duration and potential retaliation from other countries. Wall Street strategists warn against expecting a swift resolution and advise caution in buying the dip in stocks.

Read more: Wall Street reacts to Trump’s ‘Liberation Day’ tariff surprise, stocks sink