March’s stock market selloff showed no signs of easing Thursday as major indexes closed at their lowest points of the year, sending the S&P 500 into a correction amid intensifying backlash to President Donald Trump’s sweeping tariffs,

Tariffs will be a headwind to corporate earnings since businesses have only two options: Absorb the cost increases, or pass the cost increases along.

Wall Street lost momentum before the opening bell Tuesday and markets in Europe and Asia slid after new tariffs were imposed by U.S. President Donald Trump, and more retaliatory tariffs were announced by China.