Global stock markets tumbled on Thursday as US President Donald Trump's sweeping tariff plan kicked off a trade war with wide-ranging implications for the global economy. Public fears of rising prices, slowing economic growth and even the possibility of a recession sent US stock indexes tumbling to record their worst one-day performance since at least September 2022. Apparel and retail companies led the decline, with Williams-Sonoma, Ralph Lauren and Deckers Outdoor all down more than 17%. Tech and tech retail stocks such as Hewlett-Packard, Best Buy and Garmin all fell at least 15%. Magnificent 7 shares, which have led the market higher over the past two years, were also broadly lower, with Apple and Amazon both down more than 8%. More than 400 stocks in the S & P 500 index fell.