US stock futures sink, euro pares gains as Trump unveils tariff plan

'Markets were anticipating a good, bad or an ugly scenario on tariffs and this reciprocal tariff is leaning more into the ugly scenario.'

US stock futures sank and the euro paired gains late on Wednesday after US President Donald Trump unveiled global reciprocal tariffs during an event at the White House.

Trump said he would impose a 10% baseline tariff on all imports to the United States and higher duties on some of the country's biggest trading partners, in a move that ratchets up a trade war that he kicked off on his return to the White House.