Following President Donald Trump's announcement of a 10% tariff on all US trading partners, US stock futures took a nosedive, causing ripple effects in global markets and trade relationships.

Futures tied to the Dow Jones Industrial Average dropped 2.4%, while those connected to the S&P 500 plummeted 3.6% and the Nasdaq Composite futures sank 4.5%.

An aura of anticipation surrounded Trump's anticipated reciprocal tariffs, with markets edging up before the announcement. However, as Trump disclosed the tariff details from the Rose Garden, indicating the affected countries and levy rates on a poster, stock futures began plummeting rapidly.

The president outlined a standard 10% tariff to be imposed on all countries, with "bad actors" facing higher rates. These base tariffs will come into effect on April 5, while higher individualized rates will start on April 9, impacting 185 countries and marking the highest US tariff rate in a century.

Market analysis is ongoing to assess how specific companies may be affected by the tariffs, particularly those heavily involved with China. Apple, Nvidia, Walmart, Target, and Nike faced stock declines given concerns about the impact on their supply chains and costs.

Looking forward, economists are analyzing the potential implications of the new trade policies, anticipating increased uncertainty and volatility in the markets.