Dow and NASDAQ see historically bad day with plunges among worst ever as Trump tariffs spark sell-off

Universal tariffs ranging from 10-50% run the risk of causing major harm to American manufacturers, workers, families and exporters,

the Business Roundtable said in a statement

More tariffs equal more anxiety and uncertainty for American businesses and consumers. While leaders in Washington may not care about higher prices, hardworking American families do,

the group said

We are going to start being smart and we’re going to start being very wealthy again,

Trump said

In the coming days, there will be complaints from the globalists and the outsources and special interests and the fake news,

he said

The market is realizing that there is pretty much no way to spin this as a positive,

Steve Sosnick, chief strategist at Interactive Brokers, told the outlet

This impact alone could take the economy perilously close to slipping into recession,

he said

Hakeem Jeffrieshouse Democratic leader

The stock market is collapsing, and what that means is the retirement savings of everyday Americans are disappearing by the hour. And this is all because of Trump's reckless mismanagement of the economy and now, these tariffs that are being imposed are going to raise the cost of goods for everyday Americans by some estimates, by thousands of dollars per year."

House Democratic leader Hakeem Jeffries told MeidasTouch after Trump’s announcement

Andrew Brennermember of the State Senate of Ohio

Trump is going to war with countries on this,

Andrew Brenner, head of international fixed income at National Alliance Securities, told the New York Times

THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING. THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!”

Before the market opened — but with the backdrop of dipped stock futures — Trump compared the new tariffs to a surgical procedure, writing on Truth Social Thursday morning

We are now preparing for further countermeasures, to protect our interests and our businesses if negotiations fail.”

European Commission President Ursula von der Leyen called Trump’s decision a “major blow” to the global economy, adding Thursday

For the small investor, the decline in value will be devastating, particularly for retired baby boomers,

Peter Ricchiuti, a professor at Tulane University's Freeman School of Business, told Business Insider