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Shares of clothing and accessories retailer Gap (NYSE:GAP) fell 22.2% in the morning session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%.

A number of stocks fell in the pre-market session after President Trump announced "reciprocal tariffs" on all US imports, set at a minimum rate of 10%. Markets reacted negatively to the announcement, reflecting deep concerns among investors about the broader economic implications. The tariffs were likely seen as a significant threat to global trade flows, with the potential to slow economic growth, drive up consumer prices, and spark retaliatory measures.

Shares of several homebuilders fell Thursday on concerns that the Trump administration's new tariffs could slow construction of new homes in the U.S.

The shares recently traded up about 9% off Wednesday's close at around $57, climbing off morning lows that saw them in the red at around $40.

What looked like a safe bet to move manufacturing supply chains out of China is turning out to be a nightmare for many big retail brands.

U.S. equities are plunging at midday, dragged lower by the Trump administration's sweeping reciprocal tariffs. The Dow Jones Industrial Average, S&P 500, and Nasdaq all plummeted.

US stocks plunged after President Trump announced a baseline 10% tariff on all US trading partners, sending shockwaves through markets and the global trade order.