Wall Street suffers its worst day since 2020 but the White House tells investors to "trust in President Trump".

Roughly $2.5 trillion was erased from the S&P 500 Index on Thursday amid worries that President Donald Trump’s sweeping new round of tariffs could plunge the economy into a recession.

Companies whose supply chains are most dependent on overseas manufacturing will be the most impacted. Apple Inc., which makes the majority of its US-sold devices in China, is likely to open 7.7 per cent lower at trade.