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U.S. stocks nosedived in after-hours trading Wednesday as President Trump announced sweeping tariffs on imported products from a wide range of countries.

The SPDR S&P 500 ETF ( SPY ) declined more than 2% Wednesday afternoon, while the SPDR Dow Jones Industrial Average ETF ( DIA ) fell 1% and the Invesco QQQ Trust ( QQQ ), which tracks the Nasdaq 100, dropped as much as 3%.

Trump on Wednesday announced the U.S. would implement a minimum 10% tariff on nearly all countries. He also announced country-specific tariffs on 60 nations equivalent to half the rate the administration claims those countries levy on U.S. goods in the form of “tariffs, non-monetary barriers, and other forms of cheating.” The tariffs will be applied to all of America’s largest trading partners, and include a 20% rate on imports from the European Union, 26% on Japanese imports, and 34% on imports from China.

Shares of Apple ( AAPL ), which has a major manufacturing presence in China, Vietnam, and India, were down about 6% in late trading. Electric vehicle maker Tesla ( TSLA ) was about 4% lower, while retail giants Amazon ( AMZN ) and Walmart ( WMT ) slid about 5% and 6%, respectively.

Apparel and footwear manufacturers were among the hardest hit stocks, with the reciprocal tariffs aimed at a broad swath of countries responsible for manufacturing most U.S.-bound textiles. Nike ( NKE ) shares slumped 7%, and Swiss shoemaker On Holding ( ONON ) plummeted 17%. Canada-based Lululemon ( LULU ) was down more than 11% and Deckers Outdoor ( DECK ) slid nearly 12%.

Treasury yields tumbled amid concerns the tariffs will slow U.S. growth and even stress the economy. The 10-year Treasury yield dropped to 4.13%, near its lowest level this year.

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