Global stocks are slumping Thursday after President Donald Trump imposed sweeping reciprocal tariffs on U.S. trading partners that were worse that investors expected and raised fears ⛎of a growing traܫde war.

U.S. stocks are plunging, with the 澳洲幸运5官方开奖结果体彩网:Dow Jones Industrial Average down 1,200 points. Investors are seeking haven trades such as Treasurys, with the 10-year yield falling to 4.06%. The Stoxx Europe 600 🅘index ended 2.7% lower, while Japan's Nikkei and Hong Kong's Hang Seng closed down 2.8% and 1.5%, respectively.

Also tumbling Thursday are 澳洲幸运5官方开奖结果体彩网:Magnificent Seven stocks, led by an 8% plunge for Apple (AAPL), which Citi estimates makes more than 90% of its products in China. The country faces 54% in cumulative import tariffs. Shares of the rest—Microsoft (MSFT), Nvidia (NVDA), Alphabet (GOOGL), Amazon (AMZN), Meta (META), and Tesla (TSLA)—all dropped.

"The tariff announcement was 澳洲幸运5官方开奖结果体彩网:worse than most investors expected," BNP Paribas Asset Management Chief Market Strategist Daniel Morris wrote in a note Thursday. "The key question now will be whether there is scope for negotiation on the reciprocal tariffs."

UPDATE—April 3, 2025: This article has been updated to include refreshed share prices.