JAKARTA – US President Donald Trump’s newly announced retaliatory import tariffs—set at a minimum of 10% on several countries as of Wednesday (2/4)—have sent the three major US stock indices tumbling.

Following the impact on Dow Jones futures on Thursday (3/4), the Dow Jones Industrial Average (DOW30) also registered a sharp correction of 3.98%, plunging by 1,679.45 points to close at 40,545.87 on Friday (4/4). This marks the steepest one-day drop since June 2020.

Nasdaq fell even further, down by 5.97%, the worst decline since March 2020, according to cnbc.com. The index dropped 1,050.44 points to finish at 16,550.61.

The S&P 500 also posted a sharp one-day loss of 4.84%, its largest since June 2020, sliding 274.38 points to 5,396.59 on Friday. Howard Silverblatt, Senior Index Analyst for Dow Jones and S&P, noted that due to the steep declines, the S&P 500 lost as much as USD 1.92 trillion in market value in a single day.

Mary Ann Bartels, Chief Investment Strategist at Sanctuary Wealth, told cnbc.com on Friday (4/4) that the S&P 500 could still face a further correction of 5–10%, potentially falling to between 5,200 and 5,400.

For the record, several US multinational stocks also took a hit from the retaliatory tariff policy, with Nike plunging 14%, GAP falling 20%, and Apple dropping 9%. (ZH)