A day after President Donald Trump announced new tariffs on all U.S. trade partners, markets on Wall Street saw significant sell-offs amid concerns over the future of the U.S. economy.

The Dow Jones Industrial Average plunged by 3.98% at market close Thursday, while the S&P 500 and Nasdaq Composite indexes each saw losses of 4.84% and 5.97%, respectively.

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Numerous sectors experienced significant sell-offs, including tech companies like NVIDIA, Apple, and Microsoft, while other major corporations such as Dollar Tree, Nike, and Target also suffered.

The leaders of several American companies have voiced concern that tariffs would cause prices to increase and hurt consumers. Best Buy CEO Corey Berry addressed tariffs last month, saying that price increases are likely.

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"While Best Buy only directly imports 2% to 3% of our overall assortment, we expect our vendors across our entire assortment to pass along some level of tariff costs to retailers, making price increases for American consumers highly likely," Berry told investors prior to President Trump's announcement.

Globally, from London to Tokyo, other stock markets also experienced setbacks on Thursday, indicating that it's not just American companies that are concerned about the impact of U.S. tariffs. The United States holds more than one-fourth of the world's economy.