After unveiling a set of aggressive new tariffs using via a now-infamous poster board, markets plunged across the board, wiping out more than $3 trillion in value by the closing bell.
It was the worst trading day since the height of the COVID pandemic. The S&P 500 fell back into correction territory, the Dow tumbled 1,679 points, and the Russell 2000 became the first major index to officially enter a bear market.
And it wasn’t just equities that took a hit — gold was caught in the crossfire too, ending a strong international rally, while the US dollar fell to its lowest level since October.
Although some analysts were quick to suggest that the tariffs are so extreme they’re likely just an opening move for negotiations, the initial market reaction was swift and brutal.
The policy announcement exceeded expectations in severity — and Wall Street saw nothing but an economic wrecking ball heading its way.
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