U.S. stocks plunged at the opening bell Thursday after President Donald Trump rocked global markets by announcing tariffs on almost all imports into the country.
The S&P 500 tumbled 3.3%, the Dow Jones Industrial Average fell 2.9%, and the tech-heavy Nasdaq sold off by 4.5%. Those market swings wiped out trillions of dollars of value in the first few minutes of trading.
Retail stocks were among some of the hardest hit, as Trump’s tariffs on major manufacturing and exporting nations such as China could reach as high as 54%.
Lululemon plummeted 10%, Nike dropped 11%, and Ralph Lauren declined around 11.5%.
Overnight, Trump’s 25% tariffs on auto imports, unveiled last week, also took effect. Tariffs of 25% on foreign-made auto parts will be implemented no later than May 3, meaning that essentially any car sold in the U.S. will face a tariff by this time next month.
Markets were already battered heading into Trump’s latest tariff rollout. The S&P 500 and Nasdaq just recorded their worst quarter in years, largely due to growing uncertainty around the impact of the president’s evolving trade policies.
U.S. stocks were not the only ones facing major selling. Around the world, Japan’s main stock index slid 2.7% and Europe’s Stoxx 600 was down more than 2.2%. The U.K.’s FTSE 100 saw declines of around 1.5% as German, French and Italian markets each tumbled around 3%.
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