US stocks tumbled in after-hours trading as President Donald Trump unveiled sweeping blanket tariffs of at least 10 per cent on imports from around the world.
The SPDR S&P 500 ETF Trust, which tracks the S&P 500, dropped approximately 2 per cent following the announcement.
While the tech-heavy Invesco QQQ ETF, corresponding to the Nasdaq-100 Index, fell even more sharply, shedding 3.3 per cent.
The SPDR Dow Jones Industrial Average ETF Trust also declined, losing 1 per cent in extended trading.
The dramatic market reaction came after a volatile trading session which had ended positively before Trump's announcement.
The White House announced a baseline tariff rate of 10 per cent on all countries, set to take effect on April 5.
Higher duties will be charged against nations that levy higher rates on the United States - with southeast Asian neighbours Cambodia and Vietnam facing down eye-watering 49 and 46 per cent rates respectively.
"We will charge them approximately half of what they are and have been charging us," Trump said during a press conference from the White House Rose Garden.
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He clarified that the tariffs would "not be a full reciprocal" measure.
Trump explained that the halved figure includes "the combined rate of all their tariffs, non-monetary barriers and other forms of cheating."
Shares of major importers were particularly hard hit in extended trading - Nike lost 6 per cent after hours, reflecting investor concerns about the impact on its global supply chain.
Meanwhile, General Motors tumbled 3 per cent as the automotive sector faces additional pressure.
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Companies which had already been suffering from tariff fears continued their decline - both Nvidia and Tesla fell approximately 3 per cent in after-hours trading.
These losses came despite Wednesday's regular trading session ending positively, with the S&P 500 closing 0.7 per cent higher.
The Dow Jones Industrial Average had added 235 points, or 0.6 per cent, while the Nasdaq Composite gained 0.9 per cent.
The broad-based S&P 500 has been under pressure, declining in five out of the past six weeks due to uncertainty caused by Trump's tariff announcements since February.
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The SPDR S&P 500 ETF Trust, which tracks the S&P 500, dropped approximately 2 per cent following the announcement.
While the tech-heavy Invesco QQQ ETF, corresponding to the Nasdaq-100 Index, fell even more sharply, shedding 3.3 per cent.
The SPDR Dow Jones Industrial Average ETF Trust also declined, losing 1 per cent in extended trading.
The dramatic market reaction came after a volatile trading session which had ended positively before Trump's announcement.
The White House announced a baseline tariff rate of 10 per cent on all countries, set to take effect on April 5.
Higher duties will be charged against nations that levy higher rates on the United States - with southeast Asian neighbours Cambodia and Vietnam facing down eye-watering 49 and 46 per cent rates respectively.
"We will charge them approximately half of what they are and have been charging us," Trump said during a press conference from the White House Rose Garden.
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He clarified that the tariffs would "not be a full reciprocal" measure.
Trump explained that the halved figure includes "the combined rate of all their tariffs, non-monetary barriers and other forms of cheating."
Shares of major importers were particularly hard hit in extended trading - Nike lost 6 per cent after hours, reflecting investor concerns about the impact on its global supply chain.
Meanwhile, General Motors tumbled 3 per cent as the automotive sector faces additional pressure.
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Companies which had already been suffering from tariff fears continued their decline - both Nvidia and Tesla fell approximately 3 per cent in after-hours trading.
These losses came despite Wednesday's regular trading session ending positively, with the S&P 500 closing 0.7 per cent higher.
The Dow Jones Industrial Average had added 235 points, or 0.6 per cent, while the Nasdaq Composite gained 0.9 per cent.
The broad-based S&P 500 has been under pressure, declining in five out of the past six weeks due to uncertainty caused by Trump's tariff announcements since February.
Find Out More...