US stock futures slumped and Asian traders were bracing for sharp moves lower as the White House vowed to push ahead with sweeping tariffs on trading partners including a 104% levy on China.

S&P 500 futures fell more than 1% in early trading, and contracts indicate hefty drops in Sydney, Tokyo and Hong Kong. Wall Street was again lashed by wild swings on Tuesday amid back-and-forth trade threats between the US and China, with the S&P 500 closing down 1.6% — leaving it on the brink of a bear market. The US benchmark had earlier in the session rallied the most since 2022.