section_path: "Reciprocal" tariff policy/Reactions/Markets
section_name: Markets
paragraph_text: Markets
  
  Immediately after Trump's April 2 announcement, markets sunk sharply lower. In Japanese markets, the Nikkei 225 dropped 2.8% while the TOPIX dropped 3.1%. In Europe, the FTSE 100 was down 1.6%, while the CAC 40 in Paris fell 3.3%. The German DAX also fell 3.1%. In the United States, stock futures tied to the S&P 500 fell 3.9%. Dow Jones Industrial Average futures fell 2.7%, and Nasdaq 100 futures fell 4.7%.
  
  On April 3, the S&P 500 Index fell over 274 points or 4.88%, the second largest daily point loss ever, and the Nasdaq Composite fell over 1,050 points or 5.97%, the largest point loss in its history. The Dow Jones Industrial Average fell 1,679.39 points, or 3.98%, then the fifth-largest point loss in its history. On April 7, early trading in Japan triggered the circuit breaker on futures trading after an 8.03% fall.