Global stocks are sliding after President Trump’s new tariff announcement, with S&P 500 futures down nearly 1% and major indices worldwide falling. Analysts warn the true impact of these tariffs will hit the U.S. economy in the coming months through higher costs for companies and consumers. Import taxes are now at their highest since the 1930s.

President Donald Trump ’s latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply. Trump signed an order the previous night imposing steep tariffs on 66 countries,

Trump just upended the TACO Trade by signing an executive order with an updated list of tariffs that was tougher than markets were expecting.