U.S. companies had trillions of dollars in value wiped out Thursday after President Donald Trump slapped sweeping tariffs on foreign imports.

Virtually every sector suffered big losses as U.S. financial markets closed with their biggest one-day drop since COVID-19 flattened the global economy five years ago.

Banks, retailers, clothing, airlines and technology companies were among the hardest hit, with consumers expected to cut spending if tariffs lead to higher prices for goods and services.

Many economists called the tariffs much worse than expected, and investors dumped shares in companies they predict will suffer most from what is effectively a business tax.

In many cases that tax will be passed on to consumers. If consumers pull back their spending because of higher prices, businesses will produce fewer goods and economic growth could stall or contract. Consumer spending makes up about 70% of economic activity in the U.S.

“This is a game changer, not only for the U.S. economy but for the global economy,” Olu Sonola, Fitch Ratings’ head of U.S. Economic Research, said in a report. “Many countries will likely end up in a recession.”

With a drop of 4.8% in the S&P 500, more than $2 trillion in value vanished, according to Howard Silverblatt, a senior index analyst at S&P Dow Jones Indices.

Here’s a breakdown of some of the market’s worst performing sectors and companies on Thursday.

Airlines

Airlines had been projecting a strong year for profits. However, if Americans are faced with higher prices for essentials, economists say that could put a crimp in their travel budgets.

United Airlines, down 15.6%

American Airlines, down 10.2%

Delta Air Lines, down 10.7%

Clothing and Shoes

Most major shoe and clothing makers have their products made outside of the U.S., meaning they will have to pay a tariff, or import tax, on all the goods that are shipped back into the country for sale here.

Nike, down 14.4%

Under Armour, down 18.8%

Lululemon, down 9.6%

Ralph Lauren, down 16.3%

Levi Strauss, down 13.7%

Retailers

Big box and online retailers also import a massive amount of their inventory from outside the U.S.

Amazon, down 9%

Target, down 10.9%

Best Buy, down 17.8%

Dollar Tree, down 13.3%

Kohl’s, down 22.8%

Technology

Companies that make and sell computers, smartphones and other technology source many of their parts from abroad. Some manufacture their entire products overseas, meaning they will have to pay a tariff when those products are shipped back for sale to consumers.

Apple, down 9.2%

HP, down 14.7%

Dell, down 19%

Nvidia, down 7.8%

Banks

If the economy slips into a recession, households and businesses will be less likely to borrow money as demand for products and services decline.

Wells Fargo, down 9.1%

Bank of America, down 11.1%

JPMorgan Chase, down 7%

Restaurants

American consumers, feeling less confident about their financial futures this year, have already been pulling back on spending at restaurants as they tighten their budgets and prioritize only essential goods and services.

Starbucks, down 11.2%

Cracker Barrel, down 12.7%

Cheesecake Factory, down 9.4%

Automakers

Somewhat surprisingly, automakers didn’t get hit as hard most other sectors did on Thursday. That could be because most of Ford, GM and Stellantis’ steel and aluminum — which Trump previously announced tariffs on — already comes from the United States, reducing the direct impact the companies would feel from higher duties.

General Motors, down 4.3%

Ford, down 6%

Tesla, down 5.5%

Stellantis, down 9.4%