U.S. stock futures rose as Wall Street braced for President Trump to announce new tariffs that could reshape the global trade order.
Futures for the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) rose 0.2%. Futures for the tech-heavy Nasdaq Composite (NQ=F) rose 0.3%.
Stocks had been cautiously up this week ahead of Trump’s big tariff announcement in the Rose Garden at 4 p.m. ET on Wednesday.
However, markets remain unclear about what impact the new tariffs will have and how much of a hit they will have on the U.S. economy. Trump’s trade rhetoric has led to big swings in the stock market in recent weeks, with stocks rising on news that tariffs will be tightened and rising on news that tariffs will be tightened significantly.
Some on Wall Street are looking forward to an end to the policy uncertainty that has plagued markets for months, while others warn that tariffs could trigger retaliatory tariffs from countries, prolonging uncertainty.
As the tariff deadline approaches, reports are circulating that Trump is considering more hardline options, with the president considering “across-the-board” tariffs of 20% on trading partners. Whatever Trump reveals on Wednesday, the White House said the tariffs would take effect immediately.
The dramatic announcement has kept Wall Street on edge for months, and new economic data showing slowing growth, firm inflation and low consumer confidence have investors more concerned about the economy’s future direction.
As the dust settles on Trump’s tariffs later this week, Friday’s March jobs report will provide another key signal about where the U.S. economy is headed next and what hit it might take.
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