Donald Trump is facing an economic nightmare as US stocks plummeted as markets opened on Thursday, hours after the US President’s announcement on tariffs. The S&P 500 fell 3.4% in early trading. The tech heavy Nasdaq dropped 4.6% and the Dow Jones was tumbling around 2.6% when markets opened on Wall Street.

Asian, European and UK indices have also been witnessing sharp drops in the aftermath of Mr Trump unveiling a range of new tariffs, which are set to significantly upend global trade. Mr Trump announced a minimum tariff of 10% on imports, with the tax rate running much higher on products from countries such China, Vietnam, Cambodia and Laos.

Vietnam, which is well-integrated in global supply chains, was hit with a 46% tariff. The Asian country serves major manufacturers, including Apple, Nike and Intel. Shares in Nike fell 12% today while Apple dropped 8%.

Some of the heaviest losers on the market were those which once soared thanks to Wall Street’s frenzy for artificial intelligence.

Nvidia sank 4.6% to bring its loss for the year to date to almost 22%. It had more than doubled in 2024 after more than tripling in the year before.

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