Markets are assessing the reshaped US trade landscape after Trump on Thursday laid out steep new tariffs for dozens of countries.

Stocks across the globe closed lower Friday after President Donald Trump unveiled his plan for levying tariffs on trading partners, threatening to upend decades of international cooperation.

After the opening bell, the Dow lost 1.2%, or more than 500 points, while the S&P 500 declined 1.3%. The tech-heavy Nasdaq composite dropped 1.7% in morning trade. Small caps on the Russell 2000 fell 0.9%.