NEW YORK (AP) — Financial markets around the world are reeling following President Donald Trump’s latest and most severe volley of tariffs, and the U.S. stock market is taking the worst of it so far. The S&P 500 fell 4.2% Thursday, more than other major stock markets. The Dow Jones Industrial Average dropped 1,394 points, and the Nasdaq composite sank 5.3%. Little was spared as fear flared globally about the potentially toxic mix of higher inflation and weakening economic growth that tariffs can create. Everything from crude oil to Big Tech stocks to the value of the U.S. dollar against other currencies fell. Even gold pulled lower. (Photo: AP)