Following President Donald Trump's announcement of extensive tariffs, stock futures took a nosedive. The US stock market witnessed a significant decline in after-hours trading as investors reacted to the potential impact of the tariffs on trade relationships and the global economy.

Dow futures dropped by more than 1,100 points, reflecting a 2.7% decrease. Similarly, S&P 500 futures fell by 3.9%, while Nasdaq 100 futures experienced a sharp decline of 4.7%.

Despite a positive close of the US stock market earlier in the day, the mood shifted as President Trump unveiled the detailed tariff plan, clarifying the extent of rate increases per country.

The Asian stock market also faced a downturn, with the Nikkei 225 index in Japan plummeting by at least 4%, South Korea's KOSPI dropping by 2.7%, and Hong Kong's Hang Seng Index sliding by 2.4%. Taiwan's TAIEX showed minor fluctuations in share prices, increasing by less than 1% after the market opened.

Market analysts had anticipated a possible rally following the tariff announcement, but these hopes were dashed when President Trump introduced a baseline 10% tariff on all imports, along with higher rates for specific countries. The aggressive tariff policy caught many investors off guard, leading to a negative outlook on the economy and the stock market.

Stocks of major companies like Apple, Tesla, Amazon, Nike, and Walmart witnessed a decline in after-hours trading as investors reacted to the implications of the tariffs on their businesses. The tech giant Apple, in particular, saw a significant drop of over 7% due to its heavy reliance on Chinese supply chains.

Despite the market turmoil, members of the Trump administration appeared unfazed, with US Treasury Secretary Scott Bessent downplaying the stock sell-off as a "Mag 7 problem, not a MAGA problem," in reference to top tech stocks and companies like Apple, Amazon, and Google.