From NPR.

President Trump’s sweeping tariff announcement Wednesday triggered a sharp drop in U.S. stock markets, a flashing-red warning sign of the economic fallout that’s expected to result from the widening trade war.

The Dow Jones Industrial Average tumbled over 1,200 points, or nearly 3% Thursday within minutes of the opening bell. The broader S&P 500 index sank over 3% and the tech-heavy Nasdaq index down over 4%.

Trump has ordered a minimum 10% tax on nearly all imports starting this weekend, with much higher tariffs on goods from dozens of countries, including some of the United States’ closest allies. Imports from the European Union will face a 20% tariff, while Japanese goods will be taxed at 24%.