I'm Pamela Brown happening now. Breaking new stocks are tumbling. The Dow, NASDAQ and S&P 500, all down as the fallout grows on President Trump's historic tariffs.

And the global backlash. World leaders are slamming President Trump's tariffs. France calling it imperialist posture. China says it's typical unilateral bullying practice,

and Belgium is warning by playing with matches, the U.S. will end up getting burned.

Welcome to our viewers here in the United States and around the world.

I'm Wolf Blitzer. You're in the situation room.

This is CNN breaking news.

And we begin with the breaking news from Wall Street.

Trading has been underway now for just about 30 minutes.

And nervous investors, very nervous investors, are weighing in on President Trump's historic new global tariffs. The early assessment, deep concerns. Almost all goods entering

the United States will face a new tax of at least 10 percent, and that means inflation-weary

Americans will see even higher prices on virtually everything.

And that adds to the deepening concerns among economists that the U.S. and indeed much of the world may be on a collision course with a recession.

Let's begin this hour with CNN Business and Politics Correspondent. Vanessa Yurekavich, she's in New York, watching all of this unfold.

So Vanessa, where do the markets stand right now?

Well, if markets are tumbling as investors are really digesting worse than expected tariffs,

you have the Dow, the NASDAQ, and the S&P all down below, as you can see, there are 3%. Retail stocks in particular

really selling off Nike, Adidas, Lulu Lemon. These are companies that source a lot of their goods

from abroad, countries that are now under higher tariffs. And just look at the countries that were

hit in yesterday's announcement. You have the

European Union, 20% tariff. You have Japan, 24%, China, 34% and Vietnam, 46% key trading partners

to the U.S. investors are worried what this means for businesses, and then of course,

those businesses profits.

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