Dow futures took a sharp dive Thursday pre-market trading after President Donald Trump rolled out broad tariffs, sparking fears of a global trade war. The White House confirmed a baseline 10% tariff on all imports, with even steeper rates for certain countries.

Dow Jones Industrial Average futures plunged 1,064 points, or 2.5%. S&P 500 futures dropped 3.1%, while Nasdaq-100 futures slid 3.4%.

Big multinational stocks got hit hard. Nike (NKE, Financial) fell 9%, and Apple (AAPL, Financial) lost 7% in premarket trading.

Retailers relying on imports also tumbled. Five Below (FIVE) sank 11%, and Dollar Tree (DLTR) dropped 10.7%.

Tech stocks struggled too. Nvidia (NVDA, Financial) declined 3.5%, and Tesla (TSLA, Financial) fell 4.1%.

Trump said countries with high tariffs on the U.S. will face similar treatment. The White House later clarified that China's effective tariff rate will hit 54%, much higher than the expected 10% to 20% range.

Markets had rallied Wednesday, hoping for a softer approach. But with fears rising, stocks are under renewed pressure.