Dow futures fell 1.23% and U.S. Steel fell more than 11%

On April 10, 2025, the Dow futures fell 1.23%, and US Steel fell more than 11%. The main reasons are as follows:
Macroeconomic policy level:
Tariff policy uncertainty: The tariff policy imposed by the Trump administration has a far-reaching impact on the steel industry. The 10% general tariff that is still in place is the largest single increase in decades. Policy uncertainty has caused the market to worry about the cost and trade pattern changes in the steel industry.
Economic outlook concerns: Market concerns about the long-term damage that the trade war may cause to the US economy have intensified. Economists warn that the impact of tariffs is about to be fully manifested, and imported products will rise sharply in price. Even if the US CPI inflation in March is lower than expected, it will not be enough to ease market concerns.
Company level:
The acquisition is blocked: US President Trump said he does not want US Steel to be transferred to Japan and does not support Nippon Steel's acquisition of US Steel for $14 billion. Trump also ordered a review of the acquisition, which caused investors to doubt the future development of US Steel, which in turn led to a sharp drop in stock prices.
In addition, although global stock markets rebounded sharply and European and Asian markets generally soared, U.S. stock index futures took a different trajectory. Dow futures, S&P 500 futures and Nasdaq futures all fell. The overall market sentiment was bearish, which also aggravated the decline in U.S. steel stock prices to a certain extent.