On Thursday, the US stock market experienced a significant drop, with major indices like the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all declining sharply by over 3%. This downturn was primarily triggered by President Trump's announcement of imposing higher tariffs on countries, especially China, leading to concerns about disruptions in the supply chain of companies like Apple and chip manufacturers such as Nvidia.

President Trump's new tariff strategy involves a standard rate of 10% on all US trading partners along with additional duties on countries viewed as problematic in trade, resulting in a significant impact on nearly 185 nations. The implementation of these tariffs has caused the US tariff rate to surge to its highest level in more than a century.

The global market also reacted negatively to the news, as fears of a potential trade war and its adverse effects on the global economy led to a sell-off worldwide. European and Asian markets, including the Stoxx 600 and Japan's Nikkei 225, experienced significant declines.

As a result of these developments, US companies like Walmart, Target, and Nike saw their stock prices fall due to concerns about potential supply chain disruptions from Asian manufacturing hubs. This situation is being closely monitored by investors to assess the repercussions across various sectors and industries in the US market.