Stocks Slump, Gold Hits New High As Markets React To Trump's Bombshell Tariffs

US stock futures were under pressure late on Wednesday following Trump's announcement. Australian blue-chip stocks opened in the red on Thursday, as one of the first global markets reacted to the development. Asia's markets were also set to slide as the bigger-than-expected wall of taxes was imposed around the world's largest economy, upending trade and supply chains. NDTV reported

Nasdaq futures slipped 4 per cent, with tech on the front line after China, a significant manufacturing hub, was hit with a 34 per cent levy on top of a previous 20 per cent tariff. Apple shares were down nearly 7 per cent in after-hours trade.

S & P500 futures tumbled 3.3 per cent and Nikkei futures dropped more than 4 per cent. The US dollar was, meanwhile, higher in rollercoaster currency trade, except against the safe-haven yen, which surged to 148.15 per dollar.