Global Stock Markets Fall on Trump Auto Tariff Fears

U.S. stock futures declined significantly on Wednesday amid concerns regarding President Trump's impending 25% tariffs on foreign-made automobiles, set to take effect on April 2. This announcement has led to a sell-off in major automaker stocks, including General Motors and Ford, which saw drops of up to 7%. Additionally, technology stocks faced pressure due to worries about oversupply in the AI sector, highlighted by Microsoft’s cancellation of several data center contracts. Market analysts express concern that these tariffs could exacerbate inflation and disrupt global trade, adding to economic uncertainty. Consumer confidence has also taken a hit, reaching a 12-year low, as the public braces for potential price increases resulting from these tariffs. Overall, the atmosphere in the markets remains volatile as investors react to the uncertainty surrounding the tariff announcements and their broader economic implications.