The major U.S. stock indexes dropped sharply just minutes into Friday trading as President Donald Trump’s historic tariffs announcement — and fresh retaliatory duties imposed by China — sent further shockwaves through the global economy.

The S&P 500 fell more than 3%, deepening a decline that began in February. The index, which tracks 500 of the leading U.S. companies, is now down almost 15% from its peak.

The tech-heavy Nasdaq was down even further, sliding about 3.6%. The Dow Jones Industrial Average fell 1,200 points, or about 3%.

The Russell 2000 index, which tracks the stocks of smaller U.S. companies, shot lower by 3.2%.

It’s shaping up to be a second-straight rough day for markets. On Thursday, the S&P 500 had its worst day since the early days of the Covid pandemic.

Major sell-offs in markets across the globe preceded the U.S. declines. European stocks veered toward a correction, having now declined 10% from recent highs. Asian markets also cratered.

Declines hit other markets, as well. The yield on the 10-year Treasury bond fell under 4%. While that will translate to lower mortgage rates, it reflects investors’ jitters about the economy as they trade out of the risks of stocks and into the safety of bonds.

Crude oil also slipped, falling nearly 8% to $61.71, indicating a fear that fuel consumption will fall as consumers pull back on spending.

The drawdowns represent a stunning turn of events for a presidential administration that was expected to have “business friendly” policies at its foundation. Instead, Trump is betting that the tariffs will force businesses to relocate manufacturing and production to U.S. shores — an outcome most business leaders and economists say is virtually impossible to achieve at the scale Trump desires and will instead lead to calamity.