U.S. stocks plunged at the opening bell Thursday after President Trump rocked global markets, announcing tariffs that would affect almost all imports into the United States.

The S&P 500 tumbled 3.3%, while the Dow Jones Industrial Average fell 1,200 points, and the tech-heavy Nasdaq sold off by 4.6%. Those market swings wiped out trillions of dollars of value in the first minutes of trading.

Retail stocks were among some of the hardest hit names, as Trump’s tariffs on major manufacturing and exporting nations such as China could reach as high as 54%. 

Overnight, Trump’s auto tariffs also took effect on any vehicles imported into the U.S. Those tariffs also cover foreign auto parts, which means that essentially any car sold in the U.S. would face a tariff. 

Markets were already battered heading into Trump’s tariff announcement. The S&P 500 and Nasdaq just recorded their worst quarter in years in large part because of growing concern about the economic impacts of Trump’s expected tariff plan.

U.S. stocks were not the only ones facing major selling. Around the world, Japan’s main stock index slid 2.7% and Europe’s Stoxx 600 was down more than 2.2%. The UK’s FTSE 100 saw declines of around 1.5% as German, French, and Italian markets tumbled around 3%.