US stocks dip sharply after Trump announces tariffs of at least 10%

U.S. stocks turned sharply lower in after-hours trading after President Donald Trump announced sweeping new tariffs of at least 10% on imports from all trading partners.

The broad S&P was down 1.8%, the Dow Jones Industrial Average was 0.6% lower, and the tech-heavy Nasdaq slid more than 2.4%. Stocks gained during the trading day on Wednesday as investors awaited more clarity from the White House, but lost ground after the closing bell as the president laid out his plans.

The S&P 500 added 37.90 points, 0.7%, to close at 5,670.97. The Dow gained 235.36 points to hit 42,225.32, up about 0.6%, and the Nasdaq tacked on 151.16 points or 0.9% to close at 17,601.05.

The rally during the trading day Wednesday seemed to foreshadow a sense of relief among investors that the expected announcements would remove some uncertainty from the markets, analysts said.

"I’ve never seen anything like this. There’s so much uncertainty. We just don’t have answers," said Christine Short, vice president of research at analytics company Wall Street Horizon.

"A lot of the downturn we’ve seen recently is pricing in the uncertainty around tariffs," Short told USA TODAY. So far this year, the S&P 500 has lost 3.6%, the Nasdaq nearly 9%, and the Dow nearly 1%.