Markets are assessing the reshaped US trade landscape after Trump on Thursday laid out steep new tariffs for dozens of countries.

After the opening bell, the Dow lost 1.2%, or more than 500 points, while the S&P 500 declined 1.3%. The tech-heavy Nasdaq composite dropped 1.7% in morning trade. Small caps on the Russell 2000 fell 0.9%.

Stocks across the globe closed lower Friday after President Donald Trump unveiled his plan for levying tariffs on trading partners, threatening to upend decades of international cooperation.