Roughly $2.5 trillion was erased from the S&P 500 Index on Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession.

The Dow, S&P 500 and Nasdaq fell sharply after President Donald Trump slapped tariffs on a host of countries Wednesday, including China, Japan, India and Europe.

U.S. companies had trillions of dollars in value wiped out Thursday after President Donald Trump slapped sweeping tariffs on foreign imports. Virtually every sector suffered big losses as U.S. financial markets at one point were headed toward their biggest one-day drop since COVID-19 flattened the global economy five years ago.