Futures are again under pressure this morning as President Trump’s reciprocal tariffs go into effect. China further escalated tensions this morning and retaliated by slapping an 84% tariff on US goods. Wall Street has been under intense pressure since the White House announced the tariff plan last week, with the S&P 500 sinking nearly 12%. Major companies are scrambling in the wake of the tariffs. Delta Air Lines (DAL) pulled its guidance, citing uncertainty. Walmart (WMT) also pulled its quarterly operating income forecast.

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