08:57 AM EDT, 04/04/2025 (MT Newswires) -- US equity futures were falling ahead of Friday's opening bell as traders digested the crucial monthly jobs report amid the escalating global tariff situation.

The Dow Jones Industrial Average futures were down 2.6%, S&P 500 futures were 2.8% lower, and Nasdaq futures were falling 3%.

China will impose additional 34% tariffs on all imported US goods, effective April 10, in response to US President Donald Trump's sweeping tariff policy unveiled on Wednesday, China's Customs Tariff Commission of the State Council said Friday.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 6.7% at $65.42 per barrel and US West Texas Intermediate crude 7.4% lower at $61.99 per barrel.

The March jobs report, released at 8:30 am ET, showed a 228,000 monthly increase in non-farm payrolls following a 117,000 rise previously, compared with estimates compiled by Bloomberg for a 140,000 gain. The unemployment rate gained 10 basis points to reach 4.2% versus estimates for a no change at 4.1%.

In other world markets, Japan's Nikkei ended 2.8% lower, while the Hong Kong and Chinese markets were closed for holiday. The UK's FTSE 100 was down 3.5%, and Germany's DAX index was 4.1% lower in Europe's early afternoon session.

In equities, shares of Alibaba Group ( BABA ) and JD.com ( JD ) were down nearly 9% after China unveiled retaliatory tariffs against the US.