Trump unveiled his tariff plan today, with a baseline tariff of 10%, and much higher tariffs on countries with higher tariffs against the U.S. Tariffs on China imports were set at 34%, the E.U. 20%, Japan 24%, India 26%, and Mexico and Canada 25%. Auto imports will go to 25% effective immediately. Taken together, the tariffs were a worst case scenario, with markets responding accordingly after hours as fears of global recession rise, with SPX futures -1.8%, NDX -2.6%, and $Tesla(TSLA.US) -5.2%.
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