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People on Wall Street reacted to the stock market downturn from Trump's tariffs announcement with a mix of worry and optimism.

U.S. stocks are swinging again Wednesday in the final hours before President Donald Trump unveils the tariffs he promised as part of his “ Liberation Day ” that could drastically remake the global economy and trade.

Financial markets around the world are reeling following President Trump’s latest and most severe volley of tariffs, and the US stock market is taking the worst of it so far.

President Donald Trump is placing steep new tariffs on virtually all U.S. trading partners, stoking fears of rising prices for consumers and deepening trade wars.

Tariffs are taxes charged on goods imported from other countries. Companies bringing the goods into the country pay the amount, typically a percentage of the goods' value, to the government. Trump has announced a 10% "baseline" tariff on all imports to the US – this is what the UK will face.

Asian markets and U.S. futures have tumbled following U.S. President Donald Trump's announcement of big increases in tariffs on imports of goods from around the world

S&P 500 companies lost a combined $2.4 trillion in stock market value in Thursday's selloff, their biggest one-day loss since the pandemic sent global markets into a tailspin on March 16, 2020.

U.S. President Donald Trump's sweeping new tariffs shocked governments and investors, provoking dismay, threats of retaliation and calls for negotiations to rescind the stiff new import taxes imposed on goods from countries around the world.