US stocks drop after hours as Trump imposes sweeping tariffs

U.S. stocks dropped after President Trump announced new tariffs starting at 10% on imports. Key indexes saw declines, with the S&P 500 falling around 2% and tech shares like Apple and Nvidia dropping significantly.

Trump indicated that countries with higher tariffs on U.S. goods would face larger penalties, with China's rate potentially exceeding 54%. As a result, shares of major retailers and multinationals, including Nike and General Motors, tumbled in after-hours trading. Analysts believe these tariffs create increased market volatility and heightened recession fears, as ongoing trade tensions weigh on economic data.