(Updates prices after tariff announcements, U.S. market close)

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Gold gains ground on safe-haven flows

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Treasury yields fall while U.S. dollar loses ground

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Trading choppy after Trump tariff announcements

By Sinéad Carew

NEW YORK April 2 (Reuters) - Equity futures fell on

Wednesday after the U.S. market close while safe-haven gold and

bond prices rose as investors worried about U.S. President

Donald Trump's announcement of 10% tariffs on all imports, with

much higher rates for some trading partners.

S&P 500 E-minis stock futures initially rose after Wall

Street indexes closed the regular session higher, but then lost

ground as Trump went into detail about his tariff plans in a

White House Rose Garden event.

S&P 500 futures fell 1.6% as Trump spoke while

Nasdaq futures fell 2.4%.

Trump, who has referred to Wednesday as "Liberation

Day", outlined a range of levies for different countries

including 34% tariffs on imports from China, 20% tariffs on

imports from the European Union and 24% on imports from Japan.

He also announced 25% autos tariffs covering cars, light

trucks, engines and other auto parts.

"When the press conference first started the President

said tariffs would start with a 10% baseline across the board.

That was better than expected, which was why we saw futures

rallying," said Chris Zaccarelli, chief investment officer at

Northlight Asset Management in Charlotte, North Carolina.

"But once he got to specifics and started giving

examples which were significantly higher than 10%, that's when

futures turned around and went negative," Zaccarelli added.

"In the short run tariffs are going to increase costs

and reduce corporate profits. If we have a reshaping of the

economy, I'm sure markets will have a different judgment, but

the short-term knee-jerk reaction is to the initial price

hikes."

Investor focus on Wednesday had been firmly on the scheduled

announcement of reciprocal levies.

Before the announcement, the Dow Jones Industrial Average

had closed up 235.36 points, or up 0.56%, to 42,225.32,

while the S&P 500 rose 37.90 points, or 0.67%, to

5,670.97. The Nasdaq Composite had ended the session up

151.16 points, or 0.87%, at 17,601.05.

MSCI's gauge of stocks across the globe rose

3.96 points, or 0.48%, to 836.11.

But some investors noted that the market's reaction going

forward would depend on responses from U.S. trading partners.

"We've just got one side of the story, which is what we're

doing. And the other side of the story is how other countries

respond to what we're doing," said Walter Todd, chief investment

officer at Greenwood Capital in Greenwood, South Carolina.

Todd said that would be "a big component to how the market

ultimately digests what is being said right now."

Gold prices pushed closer to record highs, boosted by

safe-haven inflows after the announcements.

Spot gold rose 0.64% to $3,130.38 an ounce. U.S. gold

futures rose 1.3% to $3,159.30 an ounce.

In fixed income, U.S. Treasury yields fell, with two-year

yields dropping to their lowest level in three weeks after Trump

announced the tariffs.

The yield on benchmark U.S. 10-year notes fell

1.6 basis points to 4.14%, from 4.156% late on Tuesday.

The 30-year bond yield fell 0.5 basis points to

4.5098% from 4.515% late on Tuesday.

The 2-year note yield, which typically moves in

step with interest rate expectations for the Federal Reserve,

fell 0.5 basis points to 3.858%, from 3.863% late on Tuesday.

In currencies, the dollar lost ground.

After the announcements, the euro was up 0.38% at

$1.0834 while sterling strengthened 0.54% to $1.2989.

Against the Japanese yen, the dollar weakened 0.17%

to 149.36.

In energy markets, oil prices, which had settled the regular

session higher, lost ground after the tariff news stoked

concerns that a global trade war may dampen demand for crude.

U.S. crude fell 0.27% to $71.00 a barrel after

settling up 0.72%, while Brent fell to $74.07 per

barrel, down 0.59% after settling at $74.95 per barrel.