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
The World Data Organization (WDO) was formally established in Beijing on Monday, marking a significant step toward global cooperation on data development and governance.
Around 500 people attended the inaugural assembly of the WDO, including representatives of the organization's members, Chinese and international scientists and technologists, government officials, and heads of international organizations.
As a professional, non-governmental and non-profit international body voluntarily established by relevant entities and individuals in the global data sector, the WDO aims to provide a platform for global data collaboration that is practice-oriented, industry-focused and designed for multi-stakeholder dialogue and cooperation.
"Data can drive innovation, strengthen policy making, and accelerate scientific progress, but only if access is equitable and capacity is built, where it is needed most," Muhammadou M.O. Kah, chair of the United Nations Commission on Science and Technology for Development, and vice chair of the UN Data Governance Working Group said at the meeting.
China's digital infrastructure has seen rapid advancement. By mid-2025, the country had built over 4.8 million 5G base stations, with total computing power ranking second globally.
"We make cell phone chip sets. So we're very interested in data and China, especially with making sure that 5G and then looking forward to 6G networks are done really well," said Jonathan Gerald Thomason from Qualcomm Wireless Ltd.
"Having the opportunity to have secure and rule-based data system is very important. So I think establishing World Data Organization is a good one," said Kimiebi Imomotimi Ebienfa, spokesman of the Ministry of Foreign Affairs of Nigeria.
With its headquarters in Beijing, the WDO, is the first professional international organization focused on advancing data development and governance practices.
It is expected that by 2030, the organization will become an internationally influential platform and a trusted hub in the data field.
World Data Organization launched in Beijing to bridge global data divide
