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April 3, 2026 at 6:00 PM
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BusinessUS Stocks Post Biggest Single-Day Drop Since COVID After Trump Announces Sweeping Reciprocal Tariffs
US stocks plunged on April 3, 2026, with the Nasdaq losing over 1,600 points and the S&P 500 falling 4.84%, after President Trump unveiled sweeping reciprocal tariffs on all global trading partners on April 2.
U.S. President Trump announced on April 2nd that he would levy a 10% base tariff on all global trade partners, and impose reciprocal tariff rates on multiple countries. After the policy was announced, U.S. stocks plunged sharply on April 3rd, becoming one of the most devastating trading days since the COVID-19 pandemic.
The Nasdaq composite index fell more than 1,600 points, the S&P 500 index dropped 4.84%, and the Dow Jones Industrial Index plunged 1,679 points, with a decline reaching 3.98%. Tech stocks and auto stocks bore the brunt of the sell-off, as multinational enterprises with high dependence on cross-border trade and supply chains experienced significant stock price declines.
Market analysts widely worry that sweeping tariffs will intensify inflation pressure, suppress consumer spending, and potentially trigger economic recession. Major trade partners including the European Union and China swiftly expressed their positions and will evaluate countermeasures, with the global trade system facing risks of deep restructuring. Economists warned that if trade friction continues to escalate, global economic growth expectations will face significant downward pressure.
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