President Donald Trump announced sweeping tariffs on most nations Wednesday, which his administration says will free the United States from relying on other countries for trade. The president has framed these tariffs as “reciprocal” to match trade barriers that other countries impose on products from the U.

As US President Donald Trump ramped up a trade war with virtually every country on Earth on Wednesday, including a territory inhabited solely by penguins, market uncertainty sent the stocks of Big Tech companies tumbling in major losses.