European stocks also appeared to be hit by news of the unilateral tariffs, as the pan-European STOXX 50 index fell by 0.7% and the London Stock Exchange’s FTSE 100 index dropped by 0.3%.

The S&P 500 is up more than 6% this year - not bad, honestly, considering the year we've had. But both the German and the Hong Kong stock indexes have far outperformed the U.S. stock markets.