April 2 (UPI) -- Stock futures tumbled Wednesday after President Donald Trump announced tariffs for all trading partners as investors fretted over increased prices and a possible recession.

The SP 500 sank 4.8%, more than in major markets across Asia and Europe, for its worst day since the pandemic crashed the economy in 2020.

Trump is expected to announce sweeping tariffs at a Wednesday Rose Garden ceremony that he’s promoting as “Liberation Day.”