What to Know

• Major U.S. stock indexes on Thursday saw their worst one-day drawdowns since the onset of the COVID-19 pandemic.
• The plunging stocks came after President Donald Trump on Wednesday announced expansive tariffs on the United States’ largest trading partners.
• Countries seeking to sell goods to the United States will now face taxes as high as 54% based on how the White House is calculating duties on U.S. exports, as well as "nonmonetary" trade barriers in response to countries doing things like manipulating their currencies or serving as "pollution havens."
• The steep tariffs are raising consumer fears that higher prices are on the way.
• The Pentagon’s acting inspector general announced on Thursday that he would review Defense Secretary Pete Hegseth’s use of the Signal messaging app to convey plans for a military strike against Houthi militants in Yemen.