Global markets reacted sharply and swiftly after President Donald Trump revealed his much-anticipated tariff plans Wednesday, with investors fleeing U.S. stock indexes and companies that rely on global supply chains seeing their stocks plummet.

The ETF (exchange-traded fund) that tracks the S&P 500 plunged more than 2.7%. The fund that tracks the tech-heavy Nasdaq 100 slid more tha 3.5%, and fund tracking the Dow indicates it would drop more than 415 points at tomorrow’s opening bell.

Those indices just endured their worst quarter in years in large part due to growing concern about the economic impacts of Trump’s expected tariff plan.

But initial market indications on early Wednesday evening were that many investors had expected Trump’s tariffs to be far less expansive. In addition to a flat 10% tariff on all trading partners, Trump announced reciprocal tariffs that would tax many trading partners at levels in excess of 20%.

“President Trump just finished his tariff speech at the White House and we would characterize this slate of tariffs as ‘worse than the worst case scenario’ the Street was fearing,” wrote Dan Ives, an analyst at the investment firm Wedbush Securities, in a note sent Wednesday.

That could make things very difficult for large U.S. companies which are deeply integrated into the global economy. Shares of Apple dropped nearly 6%, and Amazon dropped 4.3%. Walmart shares tumbled 7%.

Nike, which produced 50% of its footwear in Vietnam in 2024, plummeted almost 7% in after-hours trading.

Shares of dollar store chains, which import many of their most popular goods also faced steep losses. Five Below plunged 13.5% and Dollar Tree sold off more than 11%.

Asked if he was concerned by the market moves, Treasury Secretary Scott Bessent told Bloomberg Television that he’s “learned not to look at what goes on during after-hours markets.”

Bessent added that the Nasdaq has a “‘mag7’ problem, not a MAGA problem,” referring to seven large tech stocks often called the “magnificent 7.”

General Motors and Ford dropped less than 1%, but Jeep owner Stellantis tumbled almost 2%. Stellantis has more manufacturing in Europe than the other U.S. automakers.

Goldman Sachs estimated that the price of a foreign-made car could soar by up to $15,000 under Trump’s tariffs. Even a vehicle assembled in the U.S. could face a price hike of up to $8,000, according to the bank’s analysts.

Stock futures open at 6 p.m. ET and could provide a more detailed indication of where markets may trade on Thursday.