The Dow dropped 1,675 points, or 4.1%, while the S&P 500 fell 4.5%.

Small business owners are weighing in on the tariffs President Donald Trump unveiled against virtually all U.S. trading partners on Wednesday afternoon.

The Trump administration's tariff calculations appear on paper to be a simplified math of America's trade relationships.

Patrick Kummrow, who owns an auto repair shop, discusses how his business fared during past recessions and how he expects President Trump's tariffs to affect it now.

The remarks came as U.S. stocks plummeted over an escalating trade war.

Fed Chair Jerome Powell said Friday he expects President Donald Trump's tariff policy will hike prices and slow economic growth, while noting that key economic indicators "still show a solid economy."

From food to furniture, prices are expected to go up. Here's what to do to shop smarter.

President Trump said it could be years before manufacturing returns to the U.S. as a result of his tariff policy.

“GMA” takes a look at how President Donald Trump’s new tariffs could impact your family budget.

Rep. Greg Steube, R-Fla., says the long-term impact of President Donald Trump’s tariffs will be “great for the United States.”

Stephen Kates, a financial analyst at Bankrate, says President Donald Trump's tariffs are “bad for the entire globe.”

ABC News’ Alexis Christoforous and Britt Clennett report on the impact President Donald Trump’s tariffs are having on the stock market.

The tariffs will be a 'huge, huge shock to the economy,' one expert said.

With the markets plunging and America’s allies reeling, President Donald Trump remained undeterred, defending his tariffs, arguing that this is all going according to plan.

The stock market lost $2.5 trillion in value on Thursday, the worst single-day plunge since the pandemic lockdowns five years ago.

For decades, President Donald Trump has alleged that other countries have been "ripping us off." An international expert, however says that's an oversimplification.

France’s wine producers are deeply concerned that the 20% tariff slapped by President Donald Trump will deal a severe blow to the sector that relies on the U.S. as its top market

One big loser in President Donald Trump’s escalating trade war is likely to be the U.S. electric vehicle industry

As world markets slumped in reaction to President Trump’s tariffs, Democratic and Republican senators' bill would require Congress to approve new tariffs.

The Kentucky bourbon industry says it is reeling from retaliatory actions taken by Canada and the EU in response to the US trade war.

Millions of Americans brace for higher prices amid sweeping new tariffs.

Victor Yarbrough, the CEO of Brough Brothers Distillery, says "we just have to wait and see" if other countries retaliate after President Trump unveiled tariffs against all U.S. trading partners.

Trump reacted for the first time on Thursday to the fallout from his tariff announcement, which included markets nosediving and foreign leaders threatening retaliation.

ABC News’ Jaclyn Lee visited a Maryland car dealership and a warehouse near the Port of Baltimore to learn how they’re bracing for the aftermath of President Donald Trump’s new tariffs.

ABC News’ Linsey Davis spoke with Tom Madrecki, a vice president at Consumer Brands Association, about what President Donald Trump’s tariffs could mean for consumers and the potential for price hikes.

A look at the numbers behind what products will soon cost more in the wake of President Donald Trump’s newly implemented tariffs.

The White House is brushing off concerns about the markets and consumer pain after Pres. Trump's sweeping new tariffs announcement.

President Donald Trump’s tariffs could raise prices on a variety of goods. ABC News' Perry Russom reports on how you can reduce the potential impact on your wallet.

Kyle Little, the chairman for the North American Wholesale Lumber Association, reacted to the Trump administration's tariff announcement.

Joseph Foudy, an economics professor at New York University’s Stern School of Business, discusses how other countries may retaliate against the Trump administration’s tariff plan.

Steep tariffs of 25% on vehicles imported into the United States went into effect early Thursday morning.

President Donald Trump's new tariffs elicited threats of retaliation from foreign leaders and led to U.S. stocks suffering major losses on Thursday.

President Trump's sweeping new set of tariffs impact friends and foe alike, but also on the list are uninhabited islands while glaring omissions include Russia and Iran.

U.S. stocks suffered major losses on Thursday at close of the first trading session after President Donald Trump's sweeping tariffs announcement.

President Donald Trump defended his tariffs on Thursday, saying the economy and stock market will "boom."

Trump's new tariffs elicited threats of retaliation from foreign leaders.

Bankrate chief financial analyst Greg McBride joins ABC News Live to discuss what President Trump's tariff plan means for the average consumer.

Cheap clothing and products from Shein and Temu could soon get more expensive.

Republican Rep. Beth Van Duyne weighs in on the Trump administration’s tariff plans.

Stephen Kates, a financial analyst at Bankrate, reacts to the stock market sell-off following President Trump's tariff announcement.

Aaron Klein, a senior fellow in economic studies at the Brookings Institution, joined ABC News Live for a look at the impact the Trump administration's tariffs may have on the U.S. economy.

EU Commission President Ursula von der Leyen says President Donald Trump has caused chaos and complexity with his tariffs, calling the move a major blow to the world economy.

The stock market took a tumble Thursday morning following President Donald Trump’s announcement of worldwide tariffs on Wednesday. ABC News’ Alexis Christoforous explains.

Canadian Prime Minister Mark Carney responded to Trump's tariffs and announced 25% tariffs on all U.S. vehicles that are not compliant with the United States-Mexico-Canada Agreement.

New York Times trade reporter Ana Swanson says economists are giving a “very different picture” about President Donald Trump’s tariffs.

Matthew McGuire, former U.S. executive director of the World Bank Group, explains the impact of President Donald Trump’s tariffs.

President Trump's sweeping new set of tariffs impact friends and foe alike, but also on the list are uninhabited islands while glaring omissions include Russia and Iran.

Shoppers already facing high prices, high interest rates and high insurance premiums are in for another sticker shock as President Donald Trump’s tariffs on vehicle imports and car parts take effect.

Economists project that if consumers have to absorb all of the 20% tariffs on European goods, goods like olive oil, cheese, wine and more will rise.

President Donald Trump will roll out a 46% tariff on imports from Vietnam and a 54% tariff on imports from China, bringing a potentially major price hike for many popular products.