UPDATED with closing prices.U.S.
Not since the Covid shock of March 2020 had major indices registered such a negative reaction.
Entertainment shares were not spared, with Disney down 9%, Warner Bros.
Traders work on the floor of the New York Stock Exchange (NYSE) at the opening bell in New York City, on April 3, 2025. Wall Street stocks sank in early trading.Charly Triballeau/AFP via Getty Images
Discovery off by 13%, Fox Corp. crashing 10% and Roku tumbling 16%.
Entertainment shares were not spared, with Disney down 6%, Warner Bros.
Discovery off by 8%, Fox Corp. slipping 5% and Roku tumbling 15%.
Trumpunveiled the tariffs Wednesdayin a meandering White House Rose Garden news conference.
Futures markets began sinking as he was talking.
A baseline 10% reciprocal tariff was put in place on all trading partners, with varying country-specific rates.
The European Union also faces a 20% tariff.
The measures will take effect in stages over the next week.
Already, the markets have stumbled due to uncertainty, but Thursday dawned with more unknowns than ever.
How will companies respond to the command to bring manufacturing Stateside?
Will other countries retaliate?
U.S. Commerce Secretary Howard Lutnick made the media rounds Thursday morning to defend the tariffs.
He said repeatedly during a CNBC interview that America needs to protect itself.
As to the rest of the world, These countries need to fundamentally alter the way they do business.
