The S&P 500 sank 4.8 percent, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy. The Dow Jones Industrial Average dropped 1,679 points.

Asian markets and U.S. futures tumbled Thursday following U.S. President Donald Trump’s announcement of big increases in tariffs on imports of goods

Investors remain worried that the US economy could slide into recession if Trump's new levies exacerbate sticky inflation and slowing economic growth. Friday will bring the release of February's Personal Consumption Expenditures index,