Stocks tumble after Trump’s tariffs roil global markets

Stocks tumbled on Thursday after President Donald Trump announced his latest plan for tariffs, sparking fears of a global  trade war.

The Dow Jones Industrial Average plunged more than 1,000, while the S&P 500 and Nasdaq Composite fell more than 3.5% and over 4%, respectively.

Trump the latest tariffs on Wednesday afternoon during an event at the White House Rose Garden, which he said is going to focus on imposing reciprocal tariffs on U.S. trading partners.

The president indicated that aside from the reciprocal tariffs, the administration will establish a minimum baseline tariff of 10%.