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US stocks slid lower on Thursday after President Trump pushed ahead with hefty new tariffs on auto imports, stoking concerns about a potential full-on trade war and global economic harm.

The S&P 500 ( ^GSPC ) and the Dow Jones Industrial Average ( ^DJI ) fell just over 0.3% on the heels of a losing day for the major gauges . The tech-heavy Nasdaq Composite ( ^IXIC ) led the losses, falling more than 0.5%.

Trump on Wednesday signed an executive order placing the 25% tariffs on foreign-made autos , to begin in April during the same week that reciprocal tariffs are set to take effect .

Adding more fuel to fears, Trump said on Thursday that tariffs "far larger than currently planned" will be imposed on Canada and the EU if they work together to "do economic harm" to the US. Both key US trading partners have responded sharply to the new duties.

Automaker stocks in Japan and Europe slumped as Wall Street assessed the potential hit from the new tariffs. Among US car giants, General Motors ( GM ) stock was pummeled with a 7% loss, while Ford ( F ) fell almost 4% and Stellantis ( STLA ) dropped over 1%. Meanwhile, Tesla ( TSLA ), seen as the least exposed to tariffs among the automakers , ticked higher.

Investors remain worried that the US economy could slide into recession if Trump's new levies exacerbate sticky inflation and slowing economic growth. Friday will bring the release of February's Personal Consumption Expenditures index, the Federal Reserve's preferred inflation gauge. Also in the report will be a check on consumer spending.

Fed Chair Jerome Powell recently reassured markets that rising prices from Trump's tariffs are expected to be "transitory." But that stance has raised questions , including from St. Louis Fed president Alberto Musalem .