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Global markets reacted sharply and swiftly after President Donald Trump revealed his much-anticipated tariff plans Wednesday, with investors fleeing U.S. stock indexes and stocks of companies that rely on global supply chains plummeting.

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

Newsmax stock price crashed 77% on Wednesday after a wild post-IPO rally. Its low share float heightens the stock's volatility.

U.S. markets on Wednesday were determined to put on a brave face ahead of U.S. President Donald Trump's announcement of sweeping tariffs that will escalate a global trade war and threaten to upend the entire international trading system. Buoyed by hope or expectation that the tariffs wouldn't be as draconian as feared, U.S. indices closed in the green. The deeper analysis of the tariff fallout - lower growth and higher inflation - will be for tomorrow and beyond.

"It's our declaration of independence," Trump said at an event in the White House Rose Garden. "We will establish a minimum baseline tariff of 10%." Rates for China would be set at 34%, while the European Union and Japan would face 20% and 24%, respectively.

Luxury furniture retailer RH (NYSE:RH) missed Wall Street’s revenue expectations in Q4 CY2024, but sales rose 10% year on year to $812.4 million. Next quarter’s revenue guidance of $810.6 million underwhelmed, coming in 2.8% below analysts’ estimates. Its non-GAAP profit of $1.58 per share was 17.2% below analysts’ consensus estimates.

US stocks rebounded ahead of President Trump's tariff announcements, but stock futures fell after Trump surprised markets with larger than expected levies.