U.S. stock futures pointed to a fourth straight daily fall on Friday, as investors fretted President Donald Trump had launched a global trade war with his promise to impose import tariffs on steel and aluminum.
Europe promised to act firmly and China said it would defend its interests appropriately if Trump followed through with his pledge to place a 25 percent tax on steel and 10 percent on aluminum next week.
Trump’s announcement drove a third straight 1 percent decline for the Dow and S&P 500 on Thursday, putting the Dow into negative territory for the year, and futures pointed to almost a 1 percent fall at opening.
“The announcement has also come at a time when investor sentiment is already fragile,” Oanda Senior Market Analyst Craig Erlam said in a note.
“For someone so obsessed with stock market performance, he’s taking a big gamble with these tariff’s, the benefits of which are questionable.”
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