Stock markets opened sharply lower on Friday after President Trump unveiled steep tariffs on a wide range of countries, sparking concerns about how these import taxes would impact the U.S. and the global economies.

A weaker-than-expected labor market report contributed to the losses, with employers creating only 73,000 jobs in July, fewer than economists had expected.

The Dow Jones Industrial Average fell more than 400 points, or around 1% shortly after the markets opened. The S&P 500 and the Nasdaq each fell more than 1%.

— This breaking news will be updated