Big techs dropped in overnight trading. Apple, Tesla stock tumbled over 7%; Amazon down over 6%; Nvidia dropped over 5%; Meta down over 4%; Alphabet, Microcoft fell over 3% as U.S. President Donald Trump announced a bigger-than-expected wall of tariffs around the world's largest economy, upending trade and supply chains.

Trump announced a baseline 10% tariff on imports with far higher levies on some trading partners, particularly in Asia.

"We would characterise this slate of tariffs as 'worse than the worst case scenario' the Street was fearing," said analysts at Wedbush.

Besides China's 34% tax, Japan got a 24% tariff, Vietnam 46% and South Korea 25%. The European Union was hit with a 20% levy.

China ADRs and ETFs also hit hard in overnight trading. YINN down 9%; PDD Holdings down 7%; Alibaba, JD.com, Baidu down over 5%.

The US has hit China with the biggest-ever tariff hike on almost all Chinese products, bringing total levies to at least 54%, a move that could decimate Chinese shipments to the world’s largest economy.

The new 34% tariffs announced by President Donald Trump on Wednesday will add to the 20% tariffs that entered effect earlier this year, hitting most of the half a trillion dollars worth of goods Chinese firms exported to the US in 2024. The new tariffs will go into effect on April 9, he said during an event in the White House Rose Garden.

De Minimis tariff exemptions, which currently allow packages worth $800 or less from China and Hong Kong to enter the US duty-free, will end on May 2, the White House announced Wednesday. The tariff exemptions helped give rise to online marketplaces by Shein and PDD Holdings Inc.’s Temu that ship goods directly to US shoppers from Chinese factories.