Here's how the stock market reacted after Trump announced import tariffs

Stock markets in the U.S. and around the world recorded severe losses Thursday after President Donald Trump announced a series of wide-ranging tariffs on foreign products, a move the president said would help the economy by bringing manufacturing back to America.

Trump imposed import tariffs of 10% on goods from all countries. Those tariffs take effect on Saturday. He announced higher amounts on about 60 other nations, including the European Union, that begin April 9.

Analysis: Which Americans will pay more under new tariffs?

The S&P 500, an index of 500 leading companies, was down nearly 4.5% at 11 a.m. before rebounding slightly. Trading remained significantly lower, ending at 5,396.52, a loss of 4.8%.

Other major indexes fared about the same. The Nasdaq, an index of about 3,000 companies, lost nearly 6%. The Dow Jones Industrial Average lost almost 1,700 points.

How far did S&P 500 fall?

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The S&P lost an estimated $2 trillion in value as it fell to its lowest point since before Trump's election in November, according to CNBC.

Trump has characterized the tariffs as reciprocal, echoing his repeated promise to punish countries he says have unfairly treated the U.S. with their own tariffs and trade barriers.

China faces the highest tariff rates, with 34% on its imports. That's in addition to existing tariffs of 20%, which puts the total at 54%. 

Cambodia's tariff rate will be 49%, and Vietnam's will be 46%. Imports from the European Union will face a tariff rate of 20%.

CONTRIBUTING John Bacon, Medora Lee and Riley Beggin

SOURCE Paste BN Network reporting and research; Reuters, Factset