Financial markets around the world are reeling Thursday following President Donald Trump’s latest and most severe volley of tariffs, and the U.S. stock market may be taking the worst of it. The S&P 500 was down 4% in morning trading, worse than the drops for other major stock markets. The Dow Jones Industrial Average was down 1,520 points, or 3.6%, as of 10:10 a.m. Eastern time, and the Nasdaq composite was 4.0% lower.