U.S. stock futures were dropping after President Donald Trump announced broad tariffs on foreign trading partners. Just after 7:45 p.m. on Wednesday, Dow Jones Industrial Average futures fell 1,020 points,

Futures tied to the S&P 500 slumped 2.2% during President Trump's Rose Garden ceremony announcing sweeping tariffs, with some investors saying trade restrictions could slow growth and increase inflation.

US stock futures plunged as investors feared President Donald Trump’s reciprocal tariffs could fuel a global trade war.

The reaction to Trump's sweeping tariffs announcement didn't take long to hit the U.S. stock market, with Dow Futures plummeting over 1,000 points by Wednesday evening.

Gold price have risen from Wednesday’s record close, propelled by fears that Trump’s tariffs will continue to hammer stocks and expectations that central banks will continue to hoard the precious metal.

Trading partners are expected to respond with countermeasures of their own that could lead to dramatically higher prices.

Get your circuit breakers ready. Heading into the open, Dow futures are now down 1,203 points, a decline of 2.8%. The other major contracts are worse: the S&P 500 contract is down 3.5%, the Nasdaq 100 contract is down 4% and the Russell 2000 is down nearly 5%.

During Tuesday’s session, the S&P 500 finished about 0.4% higher, seesawing between gains and losses throughout the chaotic trading day.

Japan’s stock futures slumped after President Donald Trump slapped the nation with a 24% levy as part of tariffs on trading partners worldwide. A stronger yen may also drag exporter shares lower.