Major U.S. stock index futures plummeted in after-hours trading on Wednesday following President Donald Trump's announcement of the so-called "reciprocal tariffs" on trade partners.
As of 18:35 Eastern Time, the Dow Jones Industrial Average futures had dropped 2.43 percent, the S and P 500 futures were down 3.6 percent, and the Nasdaq Composite futures had slumped 4.35 percent.
Meanwhile, crude oil futures traded on the New York Mercantile Exchange fell more than 2.5 percent in after-hours trading.
Amid widespread opposition, Trump announced in the White House on Wednesday that he is imposing the so-called "reciprocal tariffs" on trading partners.
Displaying a chart illustrating "reciprocal tariffs," Trump announced that the United States has established a "minimum baseline tariff" of 10 percent on practically all imported goods, plus even higher rates on certain trading partners, including China, the European Union, Vietnam, Japan, India, South Korea and Thailand.
Despite Trump's claim that higher tariffs will help bring in revenue for the government and revitalize U.S. manufacturing, economists have warned that such measures will push up prices for U.S. consumers and businesses, disrupt global trade, and hurt global economy.
US stock index futures slump following Trump's tariffs announcement
US stock index futures slump following reciprocal tariffs announcement
US stock index futures slump following reciprocal tariffs announcement
More than a month ahead of the Chinese New Year, restaurants across China have reported a booming demand for reunion dinners, with popular places already fully reserved.
The family reunion dinners on the eve of the Chinese New Year, or the Spring Festival, is the most important meal of the year for Chinese people. It has long been an essential part of celebrating the Chinese New Year. This year, the festival falls on Feb 17.
In Taiyuan, capital city of north China's Shanxi Province, one restaurant said all tables for the Chinese New Year's Eve dinner have been reserved.
"We now have 36 private rooms and 13 tables in the hall. The New Year's Eve dinner is fully booked. Many families started reserving as early as November 2025," said Han Huiyan, a restaurant manager.
To meet the demand, many restaurants start to offer takeaway banquet package that can be easily prepared at home, allowing families to enjoy a variety of festive dishes without dining out.
In Ningbo, a city in east China's Zhejiang Province, many popular restaurants said that they are approaching full reservation levels. To reduce peak demand, some restaurants now offer off-peak reunion dinners starting later at night.
"We now offer a 'second round' of New Year's Eve dinners, which start at 19:30. We also offer discount for such New Year's Eve dinners, a promotion of 20 percent off set menus," said Sun Lijuan, a restaurant manager.
In Lianyungang, a city in east China's Jiangsu Province, smaller private rooms of a local restaurant have been nearly sold out, and customized menus and home-delivery services have drawn strong interest.
"This year we have specially launched the Chinese New Year's Eve dinner delivery service. Bookings are very strong and customers really like this option," said Geng Maoran, a restaurant general manager.
Restaurants see surge in bookings for Chinese New Year's Eve dinners
