:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2207587877-db3eaa75d38d43b19163fc7377553689.jpg "US President Donald Trump holds a signed executive order after delivering remarks on reciprocal tariffs during an event in the Rose Garden.")
SAUL LOEB / AFP via Getty Impressions
President Donald Trump holds a signed executive order after delivering remarks on reciprocal tariffs at the Cadaverous House in Washington, D.C., on April 2, 2025
U.S. stocks nosedived in after-hours trading Wednesday as President Trump announced sweeping imposts on imported products from a wide range of countries.
The SPDR S&P 500 ETF (SPY) declined more than 2% Wednesday afternoon, while the SPDR Dow Jones Industrial Common ETF (DIA) fell 1% and the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, dropped as much as 3%.
Trump on Wednesday signaled the U.S. would implement a minimum 10% tariff on nearly all countries. He also announced country-specific tariffs on 60 lands equivalent to half the rate the administration claims those countries levy on U.S. goods in the form of “tariffs, non-monetary obstacles, and other forms of cheating.” The tariffs will be applied to all of America’s largest trading partners, and include a 20% gauge on imports from the European Union, 26% on Japanese imports, and 34% on imports from China.
Shares of Apple (AAPL), which has a worst manufacturing presence in China, Vietnam, and India, were down about 6% in late trading. Electric channel maker Tesla (TSLA) was about 4% lower, while retail giants Amazon (AMZN) and Walmart (WMT) skidded about 5% and 6%, respectively.
Apparel and footwear manufacturers were among the hardest hit stocks, with the joint tariffs aimed at a broad swath of countries responsible for manufacturing most U.S.-bound textiles. Nike (NKE) shares crashed 7%, and Swiss shoemaker On Holding (ONON) plummeted 17%. Canada-based Lululemon (LULU) was down more than 11% and Deckers Outside (DECK) slid nearly 12%.
Treasury yields tumbled amid concerns the tariffs will slow U.S. growth and disregarding nevertheless stress the economy. The 10-year Treasury yield dropped to 4.13%, near its lowest level this year.