Welcome to the NewsHour. U.S. markets plunge today in the wake of President Trump's announcement of new tariffs.

Many stocks had their worst single day since the pandemic in 2020, losing approximately $3 trillion of value.

The Dow dropped more than 1,600 points or about 4%. The tech-heavy NASDAQ, which helped fuel a market boom over the past year,

fell by almost 6%. And the S&P 500, which has fallen for five of the last six weeks, dropped 4.8%.

Foreign leaders around the world denounced the tariffs, and some warned of retaliation and trade wars.

A number of leading business groups and experts

said the president's action could risk more inflation, stall growth, and even trigger a recession.

Our Lisa Desjardin begins our coverage with this report.

On Wall Street, stocks plunged moments after the opening bell. Part of a global decline. Foreign

markets tumbled overnight in reaction to President Trump's sweeping new tariffs. But the president

this afternoon said he wasn't worried, raising the tariffs as a chance to negotiate.

I think it's going very well. The markets are going to boom. The stocking's going to boom.

The country is going to boom. And the rest of the world wants to see is there any way they can make a deal.

But from another high-ranking White House advisor, a different take. Senior counselor for trade, Peter Navarro, told CNBC the tariffs are long-term and not going away tomorrow.

This is not a negotiation. This is not that.

This as headlines across time zones blared immediate reaction.

Deeply unreasonable, worse than the worst-case scenario.

And warning of a global trade war.

World leaders, meanwhile, blasted the Trump tariffs from Europe.

President Trump's announcement of universal tariffs on the whole world, including the European Union, is a major blow to the world economy.

To allies in Asia, we'd requested the U.S. government review its unilateral tariffs.

We are extremely disappointed and regret that they've been implemented.

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