Global stocks pay for Trump's tariff plan, with U.S. stocks performing worst since September 2022

global stock markets fell sharply on Thursday as US President Trump's comprehensive tariff plan kicked off a trade war with broad implications for the global economy. Public fears of rising prices, slowing economic growth, and even the possibility of a recession caused US stock indexes to plummet, marking their worst single-day performance since at least September 2022. Clothing and retail companies led the decline, with Williams-Sonoma, Ralph Lauren, and Deckers Outdoor all falling by over 17%. Tech and tech retail stocks such as HP, Best Buy, and Garmin also fell by at least 15%. The Magnificent 7 stocks that have led the market higher in the past two years also saw widespread declines, with Apple and Amazon both falling by over 8%. Over 400 stocks in the S&P 500 index declined.