Wall Street benchmarks slumped on Thursday, ending with the largest one-day percentage losses in years, as U.S. President Donald Trump's sweeping tariffs ignited fears of an all-out trade war and a global economic recession.

NEW YORK (AP) — U.S. stocks whipped through another dizzying day Wednesday in the final hours before President Donald Trump’s unveiling of the tariffs promised as part of his “ Liberation Day ,” which could drastically remake the global economy.

Financial markets around the world have been particularly shaky lately because of all the uncertainty around what Trump will announce in the event scheduled to begin after the U.S. stock market closes for the day.