U.S. stock futures are tumbling after President Donald Trump laid out a series of tariffs on foreign trading partners that that were larger than some investors expected; Apple ( AAPL ), Nike ( NKE ), Walmart ( WMT ), and Dollar Tree ( DLTR ) shares are declining sharply in premarket trading in response; RH ( RH ) stock is plummeting after the home-furnishings retailer issued a weaker-than-expected outlook amid a struggling housing market; and Amazon ( AMZN ) and adtech firm AppLovin ( APP ) reportedly are bidding to buy TikTok ahead of a government deadline to ban the app in the U.S. Here's what investors need to know today.

1. US Stock Futures Plunge on Sweeping Trump Tariffs

U.S. stock futures are plunging after President Donald Trump announced a sweeping set of tariffs that raised worries among investors about rising prices and the impact on global trade. Nasdaq futures are down nearly 4% in early trading after the tech-heavy index rose 0.9% yesterday . S&P 500 and Dow Jones Industrial Average futures are roughly 3.3% and 2.7% lower, respectively. Bitcoin ( BTCUSD ) is trading at around $83,000 and crypto-related stocks are moving lower , including a 5% decline from Strategy ( MSTR ). The 10-year Treasury yield is dropping to around 4.05%, while gold futures are down 4% and oil futures are about 1% lower.

2. Trump Lays Out Tariffs Ranging from 10% to 50%, Hitting China, Japan, EU

President Trump announced reciprocal tariffs against a wide range of foreign countries , sending markets sharply lower as investors brace for larger-than-expected import taxes. The tariffs range from 10% to as high as 50%, according to a chart the White House posted on social media. Notably, Chinese products would be hit with an additional 34% tariff on top of a previously announced 20% duty, imports from the European Union (EU) at 20%, and goods from Japan at 24%. Each is slated to go into effect no later than 12:01 a.m. ET on April 9, according to an executive order.

3. Nike, Apple, Walmart Among Stocks Sinking on Tariffs News

Stocks associated with global trade tumbled on Trump's tariff announcements . Apple ( AAPL ), which manufactures about 90% of its products in China , are declining more than 7% in premarket trading. Shares of sneaker giant Nike ( NKE ) are sinking almost 10% as nearly all of its suppliers are in China, Vietnam, and Indonesia, which all got hit hard by import duties. Other retailers also dropped on the news, with Best Buy ( BBY ) and Dollar Tree ( DLTR ) shares falling by about 10%, and those of Target ( TGT ) and Walmart ( WMT ) down roughly 5%.