U.S. stock indices suffered sharp declines during Thursday's trading session at closing, following the U.S. President’s announcement of sweeping tariffs of at least 10%, with even higher rates imposed on select countries. This has escalated fears of a global trade war that could damage the U.S. economy.

The broad-market S&P 500 dropped 274.45 points (4.84%), while the Nasdaq Composite plunged 1,050.44 points (5.97%). Meanwhile, the Dow Jones Industrial Average fell 1,679.39 points (3.98%).

On Wednesday, U.S. President Donald Trump unveiled new tariffs targeting countries worldwide—including U.S. allies—with rates ranging from 10% to 49%, while imposing a 20% duty on all European Union products.