Dow Jones futures fall 1,409 pts due to trade war repercussions

US stock futures fell Monday morning, trailing sharp losses in Asian markets, amid widespread fears of an escalation in the trade war that Washington sparked last week.

Dow Jones Industrial Average futures fell 3.87%, or 1,490 points, to 37,040 at 10:20 am Makkah time.

S&P 500 futures fell 4.68% to 4,871 points, while Nasdaq futures lost 5.33%, or 934 points, to 16,604 points.

US President Donald Trump maintained his aggressive trade policy, imposing tariffs of at least 10% on all countries.

In a series of social media posts on April 6 on the sell-off in the stock market, he said he doesn’t want “anything to go down,” but “sometimes you have to take medicine to fix problems”.

He added that his country has a $1 trillion trade deficit with China, and that the US loses hundreds of billions of dollars annually to Beijing, according to CNBC.

Trump stressed that he has no intention of making a deal with China unless the two sides cooperate to resolve the issue.

Trump’s announcement of a package of reciprocal tariffs last Wednesday caused widespread losses in global stock markets amid fears of a recession in both the global and US economies.

This, in turn, led to a sell-off in commodity markets such as precious metals, as investors liquidated their positions to cover losses in other risky asset classes.