US stocks begin plummeting in after-hours trading
Although Donald Trump announced his tariffs shortly after trading ended on Wall Street, US stocks have already plummeted in after-hours trading.
Dow futures have fallen more than 950 points, or 2.32%. S&P 500 futures dropped 3.40%, and Nasdaq 100 futures sank 4.22%.
Closing summary
Our live coverage is ending now. In the meantime, you can find all of our live US politics coverage here. And you can also follow along with our continuing coverage of the United State’s tariffs announcment here. Here is a summary of the key developments from today:
Donald Trump announced sweeping tariffs on US trade partners across the world in an event today he nicknamed “liberation day”. The tariffs range from 10% to 49% on all goods imported from abroad. He also added that a 25% tariff on all foreign automakers will go into effect at midnight. World leaders responded to news with a mix of confusion and tempered concern.
Four Senate Republicans joined with Democrats to pass a resolution this evening aimed at preventing the president from levying tariffs on Canada. The news came just hours after Trump announced broad “reciprocal” tariffs on many countries, but not Canada or Mexico.
Despite a 10% tariff levied on all goods imported from the United Kingdom, British leaders say the United States remains the UK’s “closest ally”.
Earlier in the day, Trump told his inner circle that Elon Musk will be taking a step back from the Trump administration, Politico reports. According to the outlet, both Musk and Trump have agreed “that it will soon be time for Musk to return to his businesses and take on a supporting role”.
National security adviser Mike Waltz’s team has regularly set up group chats on Signal to coordinate official work on various global issues from different parts of the world including Ukraine, China, Gaza, Middle East policy, Africa and Europe, Politico reports. According to four people who have been personally added to the chats and who spoke to the outlet, sensitive information was discussed in the chats.
A US judge on Wednesday dismissed the federal corruption case against New York City mayor Eric Adams, adding that the charges cannot be brought again. US district judge Dale Ho’s decision to dismiss the case with prejudice was in line with the recommendation of a lawyer he asked to offer independent arguments, but contrary to the justice department request for a dismissal without prejudice, Reuters reports.
