Stocks tumble as tariff fallout roils markets

U.S. stocks tumbled in early trading on Thursday as fallout from the Trump administration’s tariffs continued to roil markets.

The Dow Jones Industrial Average dropped about 400 points, or nearly 1%; while the S&P 500 fell 1.3%. The tech-heavy Nasdaq sunk 1.8%.

The selloff erased some of the market gains delivered a day earlier after President Donald Trump gave U.S. automakers a one-month reprieve from the tariffs. Duties on a host of other goods remained in place, however.

The U.S. earlier this week slapped 25% tariffs on goods from Mexico and Canada, as well as 10% tariffs on imports from China. The fresh round of duties on Chinese goods doubled an initial set of tariffs placed on China last month.

This is a developing story. Please check back for updates.