All three major U.S. stock markets have closed down in their worst day since June 2020, during the Covid pandemic.

The tech-heavy Nasdaq fell 6%, while the S&P 500 and the Dow dropped 4.8% and 3.9%, respectively.

Apple and Nvidia, two of the US’s largest companies by market value, had lost a combined $470bn in value by midday.

As investors watched the US stock market take its biggest one-day dive since the pandemic in 2020, the message from the White House to Wall Street was: "Trust in President Trump".

Trump himself said markets would "boom" under his new tariff scheme as the Dow Jones, Nasdaq and S&P plunged over the course of the day.

Twenty-four hours after Trump imposed minimum 10% import tariffs worldwide starting on 5 April, the U.S.'s key trading partners are mapping out their response.
Canadian Prime Minister Mark Carney retaliated with 25% levies on all vehicles imported across the border, lamenting that the close relationship with the US is "now over".

In contrast, Mexican President Claudia Sheinbaum said her country would not retaliate in kind.

Meanwhile, the U.K. has drawn up a 400-page sample list of US goods that could face future tariffs in retaliation to Trump's tariffs, and though E.U. leaders are yet to present the bloc's official response, many have slammed the tariffs as "brutal".

Eyes will be on the Asian markets in the coming hours as eastern trading floors reopen after initial losses immediately following Trump's announcement.

Economists have for months warned that high tariffs are a major risk to the U.S. economy, pushing prices up for consumers on everything from cars to wine along with destabilizing the U.S.’s role in the global economy.

But that didn’t stop Trump from taking a celebratory tone at the event he dubbed “liberation day”.

Trump tried to paint the tariffs as the start of “the golden age of America”.