U.S. stock markets took a major hit following China’s announcement of retaliatory tariffs, with major indices dropping around 6%. After former President Trump imposed heavy tariffs on Chinese imports, China responded by slapping an additional 34% tariff on all U.S. goods starting April 10. The S&P 500 fell 6%, Nasdaq dropped 5.8%, and Dow Jones declined 5.5%, while the Russell 2000 dipped 4%. Analysts say this is the worst trading day since the onset of COVID-19.