US stock futures plummeted after President Trump announced impending tariffs on several countries. He plans to send letters outlining tariff rates, ranging from 10-70%, effective August 1st. This follows a 90-day tariff pause nearing expiration. While some limited trade deals were reached, the lack of a pause extension and the unilateral tariff approach spooked markets. Dow futures dropped 251 points, reflecting investor concern over potential trade disruptions.

Prepared by Christopher Adams and reviewed by editorial team.