Wall Street was on track for another day of crushing losses Friday after China responded to U.S. President Donald Trump’s latest set of tariffs with some of its own, according to the Associated Press. Futures for the S&P 500 fell 3.6% before the bell, while futures for the Dow Jones Industrial Average shed 3.4%, falling below the 40,000 mark. Nasdaq futures tumbled 4%.
That follows Thursday’s losses for the three major U.S. indices, which ranged between 4% and 6%. Thursday’s wipeout was Wall Street’s worst day in five years.
China announced early Friday that it will impose a 34% tariff on imports of all U.S. products beginning April 10, part of a flurry of retaliatory measures following Trump’s “Liberation Day” slate of double-digit tariffs.
The U.S. exports an array of goods to China, including machinery, soy, corn and aerospace products. Shares in companies that stand to suffer from China’s tariffs include Deere & Co., which fell 4.7% in premarket, and Boeing, which slid 6%.
Apple saw its shares decline 4.7%.
The Chinese government is also subjecting 27 additional U.S. companies to trade sanctions or export controls and filed a lawsuit with the World Trade Organization over the tariffs.
Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies has fallen since Trump’s tariff announcement Wednesday afternoon. Even gold, a traditional safe haven that recently hit record highs, pulled lower.
U.S. benchmark crude oil shed $5.32 to $61.63 per barrel, its lowest level since mid-2021. Brent crude, the international standard, was down $5.26 at $64.88 per barrel. Shares of Exxon Mobil slid 4.2% and Chevron fell an even 4%.
The U.S. dollar fell to 144.89 Japanese yen from 146.06.
