US stock futures slide after China hits back at Trump's tariffs

• US stock futures tumbled again on Friday as President Donald Trump’s tariffs spooked investors.
• Asian markets ended the week sharply lower and European markets also declined for a second day.
• Trump said he is open to cutting deals if the US gets “something that’s so phenomenal” in return.

Stocks are plunging again as investors continue to balk at President Donald Trump‘s sweeping tariffs and China announced retaliatory measures on Friday.

Beijing said it will start charging a 34% tariff on all US imports from April 10.

Wall Street had its worst day in five years on Thursday, and the pain continued Friday with stocks falling in Asia and Europe and US futures down sharply in premarket trading.

As of 7:20 a.m. ET, S&P 500 futures were down 2.9%, Nasdaq 100 futures were down 3.1%, and Dow Jones Industrial Average futures were down 2.9% or about 1,200 points.

European markets fell further on Friday, with the broad STOXX 600 down about 4.5% and Germany’s DAX down 5%. London’s FTSE 100 fell 3.8% and France’s CAC 40 slumped 3.8%.

Banking stocks took the biggest hit, with Spain’s Sabadell down 12% and lenders including HSBC accounting for three of the five biggest fallers on the FTSE 100.

Asia, which faces the brunt of President Donald Trump’s tariffs announced Wednesday, closed the week in the red as investors feared the new levies could lead to recessions in many countries.

Dilin Wu, a research strategist at Pepperstone, told Business Insider that Trump’s “overly simplistic and aggressive calculation” for tariff rates was particularly painful for small Asian economies.

Southeast Asian countries — many of which have become supply chain hubs for companies diversifying manufacturing activities from China — stand to be some of the worst affected by US tariffs.

“In the short term, uncertainty surrounding policy continues to cloud the markets, with defensive strategies taking the lead and little room for a rebound in Asian risk assets,” Wu said.

China, Hong Kong, and Indonesia’s markets were closed on Friday, but the rest of the region was a sea of red. Japan’s Nikkei 225 ended 2.7% lower, Australia’s ASX 200 fell 2.4%, India’s Sensex shed 1.2%, and South Korea’s Kospi dipped 0.9%.

‘Too late to panic’

Oil futures were lower after crashing on Thursday due to demand concerns and a surprise decision from the Organization of Petroleum Exporting Countries to ramp up output.

The US dollar edged lower due to concerns over the American economy.

Gold, a popular haven asset, initially retreated before rallying to around $3,150 per troy ounce.

“It’s too late to panic,” veteran analyst Ed Yardeni said on a Bloomberg podcast on Thursday. “If you got a good portfolio, you stay with it.”

Yardeni said he thinks intense pushback to Trump’s “tariff wall” will prompt negotiations for changes to the high levies.

On Thursday, Trump told reporters that he would be open to cutting deals if countries give the US “something that’s so phenomenal” in return.