The S&P 500 was down 3.3% in early trading, worse than the drops for other major stock markets. The Dow Jones Industrial Average was down 1,160 points, or 2.7%, as of 9:32 a.m. Eastern time, and the Nasdaq composite was 4.5% lower.

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