US President Trump imposes much higher tariffs than expected, shocking capital markets

Capital markets are plummeting across the board after U.S. President Donald Trump dropped a tariff bombshell that was more powerful than markets had anticipated.
First, the Nasdaq index futures for U.S. stocks have plummeted by more than 4%. Crypto assets (virtual currencies) have also been on the rise.
On the 2nd (local time), US President Donald Trump not only imposed a 25% tariff on automobiles, but also imposed reciprocal tariffs on other countries.
However, the reciprocal tariffs were higher than expected: Trump imposed tariffs of 34% on China, 46% on Vietnam, 32% on Taiwan, and 25% on South Korea.
This is a much higher tariff than the initial market forecast of around 20%.
Brett Ryan, an economist at Deutsche Bank, said in an interview with Yahoo Finance:
"The tariffs are much higher than we expected," he said. This has sent shockwaves through the capital markets. First, U.S. index futures have plummeted.
As of 7:50 p.m. on the 2nd (local time) in the New York market, Dow futures were 2.42%, S&P 500 futures were 3.57%, and Nasdaq futures were 4.44%.
As of about two hours ago, Dow futures were down 0.60%, S&P 500 futures were down 1.76%, and Nasdaq futures were down 2.39%.
But the decline widened significantly as the tariffs proved stronger than expected.
Crypto assets are also plummeting. As of 8:50 a.m. on the 3rd, Bitcoin was down 3.
It fell 21% to $82,607 (approximately 12.19 million yen). Ethereum, the second largest cryptocurrency by market capitalization, fell 5.90% to $1,799.
Ripple, the fourth largest cryptocurrency by market capitalization, fell 5.42% to $2.02. However, Ripple had plummeted to $1.99 a few minutes earlier, and was trading at $2.
The dollar was collapsing. Ripple collapsed by $2 for the first time since March 11th.