President Donald Trump's latest tariffs have triggered a flurry of losses for investors, reversing already waning momentum in the US stock market and sparking a decline in the US dollar.
The benchmark S&P 500 index has shed all gains achieved after Donald Trump's presidential win in November.
Moves in the Nasdaq Composite are a clear indicator of the risk-off shift in stocks as investors flee some of the biggest tech winners of the last two years.
The trade war is creating unexpected waves in the US greenback, an asset that had been seen as a winner of Trump's protectionist policy.