A day after President Donald Trump announced universal tariffs against products from other countries, American assets were faring even worse than the countries Trump said he was trying to punish.
The president announced a baseline import tax of 10 percent on products from every country in the world late Wednesday afternoon, then hit products from about 60 countries with additional duties ranging from 20 percent to 49 percent. U.S. companies pay the tax, with the costs typically passed along the consumer.
After the announcement, U.S. equity index futures tumbled more than 4 percent, and a gauge of the dollar slumped, Bloomberg reported. Shares of multinational companies also cratered in premarket trading, with Nike and Apple dropping 9 percent and 7 percent, respectively, according to CNBC. Gap fell 9 percent and Tesla was down 4.1 percent.
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