US stock market buckles as fears of fallout from tariffs shake markets

Traders were shocked as the S&P 500 experienced its worst day since the pandemic crashed the economy in 2020 (Seth Wenig/AP)

Wall Street shuddered and a level of shock unseen since Covid’s outbreak tore through financial markets worldwide on Thursday over worries about the damage President Donald Trump’s newest set of tariffs could do to economies across continents, including his own.

The S&P 500 sank 4.8%, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy in 2020.