Wall Street Futures Tumble as Trump's Tariffs Take Effect

Wall Street is facing a significant downturn as President Trump's tariffs on imports from Canada, Mexico, and China take effect, prompting retaliatory measures from these trading partners. Dow Jones, S&P 500, and Nasdaq futures are all down, with the Dow having fallen by 649.67 points on Monday, marking its largest drop since December. The 25% tariffs are intended to combat the flow of fentanyl into the U.S., but there are concerns that they could stall economic growth and inflate prices for consumers already facing rising inflation. In response, Canada and China have announced their own tariffs on U.S. goods, with Canada imposing a 25% levy and China targeting agricultural imports. Analysts suggest that these actions could lead to a trade war, causing uncertainty among investors, and many are closely watching for further developments, including Trump's State of the Union address. Amid this turmoil, Walgreens Boots Alliance shares surged after news of a potential acquisition, contrasting with the overall negative market sentiment.