U.S. stocks nosedived on Thursday, with the Dow tumbling 1,679.39 points as President Donald Trump’s latest slate of tariffs sent shockwaves through markets across the globe.
The Dow Jones Industrial Average plummeted 3.98%, to close at 40,545.93, marking its worst session since June 2020, while the Nasdaq Composite tumbled 5.97% and ended at 16,550.61, registering its biggest drop since March 2020, and the S&P 500 dropped to its lowest level since before Trump’s November 2024 presidential election victory. The plunge in U.S. stocks came after Trump announced on Wednesday a baseline 10% tariff on all foreign countries, as well as individualized higher tariffs on countries with which the U.S. has the largest trade deficits, as part of what he deemed “Liberation Day.”
Trump’s baseline 10% tariffs on foreign countries will take effect on Saturday while the individualized higher tariffs will take effect on April 9, according to a White House fact sheet published Wednesday. The White House claimed in the fact sheet that the tariffs will “strengthen the international economic position of the United States and protect American workers.”
The White House further claimed that tariffs are “necessary to ensure fair trade, protect American workers, and reduce the trade deficit.”
The U.S. has been engaged in a contentious trade dispute with a variety of foreign countries since Trump returned to the White House, including Mexico, China and Canada. Trump notably introduced a slew of trade restrictions against China during his first term, which launched a trade war between the U.S. and China.
Some have praised Trump’s tariffs, including a few American auto worker groups. Still, many Americans disapprove of Trump’s approach to trade issues, with only about four in ten voters holding a positive view of the way he is handling the economy and trade negotiations, according to a poll from The Associated Press-NORC Center for Public Affairs Research released on Monday.
Editor’s note: This story has been updated with the latest stock market numbers
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