US stocks close with largest losses since 2020 as Trump's tariffs worry investors

US stocks ended Thursday with a sharp decline in the biggest one-day loss since 2020 after US President Donald Trump announced his long-awaited reciprocal tariffs Wednesday after markets closed.A minimum baseline tariff of 10% will be imposed on all countries except Canada and Mexico, with higher penalties charged on nations Trump deemed to be the "worst" trade offenders.The president said his new economic effort seeks to "help build our economy" by spurring domestic manufacturing, raising government revenue and thwarting "cheating" on trade.Reciprocal tariffs ranging from 10% to 50% were imposed on products the US imports from many of its trading partners.The EU received 20%, China 34%, Vietnam 46%, Taiwan 32%, Japan 24%, India 26%, South Korea 25%, Thailand 36%, Switzerland 31%, Indonesia 32%, Malaysia 24%, Cambodia 49%, South Africa 30%, Bangladesh 30%, and Israel 17% in reciprocal tariffs.Some countries, such as Türkiye, the UK, Brazil, Australia, the United Arab Emirates, New Zealand, Egypt and Saudi Arabia were subjected to 10% baseline tariffs each.(Footage by Lokman Vural Elibol/Anadolu Agency via Getty Images)