Markets Rattled as Trump’s Tariffs Trigger Major Stock Futures Plunge
Dow futures fall over 1,700 points following new U.S. tariffs; analysts fear a repeat of 1987's "Black Monday" as global markets brace for impact.
Watan-U.S. stock futures dropped sharply Sunday evening as markets continued to signal a selloff following President Donald Trump’s sweeping reciprocal tariffs on America’s trade partners.
Futures for the Dow Jones Industrial Average fell by more than 1,700 points at 6 p.m. on Sunday, suggesting what could be a disastrous day on Wall Street when markets open at 9:30 a.m. Monday, The Hill reported.
The Dow and other markets had already suffered through a brutal Thursday and Friday, impacted by Trump’s tariff policy and fears of retaliatory moves from other countries. The Dow Jones lost nearly 4,000 points across those two days.
Cramer Warns of ‘Black Monday’ Repeat
Even Jim Cramer, host of CNBC’s “Mad Money,” warned of a potential “Black Monday”-like event — a reference to the 1987 market crash — if Trump followed through with his tariff plans. That event saw the Dow plunge 22.6% in a single day.
“If the president doesn’t reach out to countries and companies that follow the rules and reward them, then the 1987 scenario… where the economy dropped for three days and then fell 22% on Monday, becomes the most likely,” Cramer said on his show Saturday, according to the New York Post.
Trump administration officials spent Sunday defending the tariffs amid growing concerns about the economy.
White House Defends Tariffs Amid Market Jitters
Kevin Hassett, Director of the National Economic Council, insisted during an appearance on ABC’s This Week that the hefty tariffs would not have “a major impact on U.S. consumers.” Meanwhile, Treasury Secretary Scott Besant described the tariffs on NBC’s Meet the Press as a “one-time price adjustment.”
Trump defended the tariffs he announced Wednesday and imposed the next day, saying other countries had taken advantage of the U.S. for decades, while presidents from both parties failed to do enough to protect American workers and manufacturers.
He also suggested that people should buy stocks at low prices and ignore the losses, noting that “markets go up and down.”
Senator Roger Marshall (R-Kansas) told Chris Stirewalt on The Hill Sunday that while his long-term goal is “zero tariffs,” he believes Trump must protect American farmers and manufacturers for now.
The administration has sent mixed signals about how long the tariffs will remain in effect.
Several officials indicated Sunday that countries were rushing to negotiate with the administration to ease the tariff burden.
