Wall Street benchmarks slumped on Thursday, ending with the largest single-day percentage losses in years, as U.S. President Donald Trump's sweeping tariffs ignited fears of an all-out trade war and a global economic recession.

Fed Chair Jerome Powell’s remarks and the March nonfarm-payroll report on Friday will need to deliver for a stock market reeling from a brutal selloff.

Global markets on Thursday were severely rattled by President Donald Trump’s historic tariff announcement, which threatens to throw the US and the rest of the world into a recession.

President Donald Trump’s big tariff rollout was supposed to reduce uncertainty for businesses. Economists say it did the exact opposite, while also raising recession risk.

Trump’s “Liberation Day” moves saw the introduction of a 10% tariff on all imported goods, and additional import taxes—of varying degrees—placed on 60 other countries.The U.S. and global markets have already started to feel the impact of Trump’s tariffs,

Wall Street was betting on a Trump Bump, but sweeping tariffs are threatening an economic slowdown.