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Expand chart
Data: Investing.com; Chart: Axios Visuals

Crude oil also was hit hard by the tariff news, with oil prices suffering their worst trading day in 4 years, falling by 8%.

Between the lines: The tariff announcement could not have come at a worse time for the oil market, which was already primed for losses after the Fed's rate cut decision Wednesday. A weak dollar strengthens oil prices, which are measured in dollars.

  • The market also is preparing for a major supply surplus in 2020, which is the result of tepid demand growth at a time of surging supply.

By the numbers:

  • WTI crude prices fell below $55 a barrel and Brent dipped to $61.
  • Energy stocks fell across the board with the SPDR energy exchange traded funds dropping more than 2% on the day as the trade war escalation and fear of higher tariffs stoked worries about slowing demand in China and around the globe.

Go deeper

Neera Tanden withdraws nomination for Office of Management and Budget director

Neera Tanden testifying before the Senate Budget Committee in Washington, D.C., in February 2021. Photo: Anna Moneymaker/The New York Times/Bloomberg via Getty Images

Neera Tanden withdrew her name from nomination to lead the Office of Management and Budget, President Biden announced Tuesday.

Why it matters: Tanden’s nomination was already in peril after several senators voiced opposition and concern about her qualifications and past combative tweets.

What's ahead for the newest female CEOs

Jane Fraser (L) and Rosalind Brewer. Photos: Jason Redmond/AFP via Getty Images; Rodrigo Capote/Bloomberg via Getty Images.

The number of women at the helm of America’s biggest companies pales in comparison to men, but is newly growing — and their tasks are huge.

What's going on: Jane Fraser took over at Citigroup this week, the first woman to ever lead a major U.S. bank. Rosalind Brewer will take the reins at Walgreens in the coming weeks (March 15) — a company that's been run by white men for more than a century.

2 hours ago - Health

Biden says U.S. will have enough vaccines for 300 million adults by end of May

President Biden. Photo: Anna Moneymaker-Pool/Getty Images

President Biden on Tuesday said that ramped-up coronavirus vaccine production will provide enough doses for 300 million Americans by the end May.

Why it matters: That's two months sooner than Biden's previous promise of enough vaccines for all American adults by the end of July.