Major indexes plunged Thursday in response to the barrage of "reciprocal" tariffs announced by President Donald Trump after Wednesday's stock market close. The breadth and depth of the tariffs startled investors and economists worldwide.
The Trump tariffs in a nutshell are as follows: There's a 10% tariff baseline, but much-higher tariffs on China, Taiwan, Japan, Europe and other close U.S. trading partners. New tariffs on China imports are set at 34%, with Taiwan facing a 32% tariff, the European Union is set at 20%, Japan at 24%, India at 26% with Mexico and Canada both at 25%. The Trump tariff on foreign-made autos will to 25% effective immediately.
The new 34% tariff rate on importers of Chinese goods comes after two 10% tariff hikes by Trump earlier this year. That means the U.S. tariffs on China comes to 54%.
On Wednesday, Trump said he will continue to exempt goods compliant with the United States–Mexico–Canada Agreement (USMCA) from the 25% tariffs imposed on Canada and Mexico. Trump added he won't impose "reciprocal" tariffs on Canada and Mexico for now. So a large number of Canadian and Mexico goods will not face any U.S. tariffs.
The baseline tariffs kick in on April 5, with the higher "reciprocal" tariffs starting April 9.
President Trump also signed an executive order closing the de minimis loophole, as of May 2, opening the door for the U.S. to impose tariffs on low-value packages. Trump has already hiked tariffs on steel, aluminum, all China imports and many goods from Canada and Mexico. New 25% auto tariffs hit on Thursday.
Buckle Up: What Trump Tariffs Mean For The U.S. Economy And Stock Market
The breadth of the tariffs mean that few sectors will not be hit. Here are the stocks seeing the most early selling on Thursday, as well as the few that are holding up, for now.
S&P 500, Dow Stocks Getting Hit
Dow stock Nike slid 14.5% during Thursday's stock market action. Company reports show Nike sourced as much as 50% of its branded footwear from Vietnam for 2024. Indonesia accounted for 27%, with another 18% coming from China.
Retail giant and Dow Jones component Walmart fell 2.8%. S&P 500 component Target also declined around 11% on Trump's reciprocal tariffs. Vietnam, a major supplier to Walmart and Nike, among others, faces a 46% reciprocal tariff.
Fellow Dow stocks Apple and Amazon.com sank 9.3% and 9%, respectively. The iPhones produced for the U.S. market in China face a 54% tariff while iPhones produced for the U.S. in India will have a 26% reciprocal tariff.
Meanwhile, EV giant Tesla, a S&P 500 stock, dropped 5.5%. Fellow U.S-based EV company Rivian fell 7.7% during Thursday's stock market. Both EV makers manufacture vehicles in the U.S. but are reliant on global supply chains for auto parts and different components.
Also in the auto space, General Motors fell 4.3% while Ford moved 6% lower.
Used car seller Carvana sank 19.6% and CarMax declined 7.7%.
Meanwhile, Canada-based Lululemon dropped 9.6%. LULU led Thursday's early declines among S&P 500 stocks. S&P 500 peer Dollar Tree fell 13.3%. Dollar Tree's regulatory filings say the company imports approximately 40% of its total retail value purchases. The "vast majority" of those imports are sourced from China.
Broadly, many retailers were hit, based on the global nature of supply chains.
VF sank 28.8% while Ralph Lauren lost 16.3% during stock market action.
Best Buy declined 17.9%, HP dropped 14.7% and Garmin fell 15%.
The Stocks That Trump Tariffs Can't Keep Down
Not many stocks were holding up in the face of Trump's tariffs and fears of a potential global recession. However, defensive names among Dow and S&P 500 components included Procter & Gamble, up 1.7% Thursday.
Pharmaceutical S&P 500 stock AbbVie advanced 2.2% early before falling 1.8% Thursday.
Trump Tariffs Trigger Biggest Sell-Off Since 2020
U.K.-based pharma stock AstraZeneca also bucked the broader stock market trend, jumping 2.4% during Thursday's stock market.
Philip Morris International, which is one of the top S&P 500 stocks in 2025, jumped 3.8% on Thursday.
This Tobacco Giant's Business Shift Moves It Near The Top Of The S&P 500
Among classic S&P 500 defensive stocks, Lamb Weston and Molina Healthcare advanced 10.2% and 7.6%, respectively. American Water Works jumped 4% and SBA Communications gained 5.3%.
S&P 500 e-commerce stock eBay jumped 1.3% before declining 1.6%.
Auto-parts chain AutoZone edged up 0.16% Thursday. Auto parts are expected to be a winning segment amid the upgraded trade war, as new car prices rise, and Americans pay to keep their older cars on the road for longer.
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