The tariffs on nearly all foreign nations are widely expected to raise prices for American consumers. And despite the White House’s insistence that they would not cause “pain,” investors are already feeling it. The S&P 500 plunged 4.8%, and the Nasdaq cratered 6%—their steepest daily percentage losses since 2020. 

The “Magnificent Seven” tech companies that drove much of the gains in recent years were the biggest losers from the tariff losses, but retail also struggled, as many firms manufacture their goods abroad.

Let’s get into the headlines,

China will impose an additional 34% import duty on all U.S. goods starting next week, in retaliation against President Donald Trump’s decision to impose a 34% “reciprocal tariff” on Chinese goods, the state media announced on Friday. All three major futures indexes nosedived sharply after the Chinese announcement, with Dow Futures falling nearly 2.9%, the benchmark S&P 500 dropping nearly 3% and the tech-heavy Nasdaq futures down 3.1%.

The DOGE cuts made what would have otherwise been a “fairly quiet” March for layoffs the worst since spring 2020, a new report found. Employers shed more than 275,000 positions last month, and the first three months of the year saw the most quarterly jobs cut since Q1 in 2009, during the Great Recession.

MORE: Meanwhile, the day’s biggest winner was Latin America’s richest person, Mexican billionaire Carlos Slim Helu, who got $2.1 billion richer as of Thursday afternoon. Mexico was not subject to additional tariffs in Trump’s announcement.