Trump's Tariff Turmoil: Impact on U.S. Markets

U.S. stock index futures took a hit on Friday following President Donald Trump's latest tariff announcements, creating unease among investors as the earnings season begins next week.

Trump declared a 35% tariff on Canadian imports and hinted at 15-20% tariffs on other nations, raising the stakes from the existing 10% baseline rate. The European Union is on alert for formal communication from Washington as it attempts to negotiate a new deal.

Despite the tariff-induced market jitters, cryptocurrency stocks surged with bitcoin reaching record highs. Investors remain focused on next week's economic reports, including inflation and retail sales data, alongside corporate earnings from major Wall Street banks.

(With inputs from agencies.)