The stock market fell significantly Thursday after President Donald Trump‘s “Liberation Day” tariffs announcement.

Trump announced the most recent round of tariffs, which slapped over 180 countries with a 10% tariff and 57 with additional tariffs, after markets closed at 4 p.m. Wednesday, meaning the main effect of the announcement in the United States only occurred after markets opened at 9:30 a.m. Thursday. However, the announcement already affected futures, which, for the S&P 500, declined 3.4% before the market opened, for the Dow Jones Industrial Average by 2.8%, and for the Nasdaq by 3.8%.