Stocks tumble as Wall Street braces for Trump's April 2 tariff announcement

Stocks skidded Tuesday morning as Wall Street braces for President Trump's rollout of a fresh round of tariffs on April 2, with some economists warning that the new import duties could crimp economic growth and reignite inflation. 

The S&P 500 fell 20 points, or 0.4%, to 5,591, while the Dow Jones Industrial Average slipped 0.7%. The tech-heavy Nasdaq composite also shed 0.4%. 

While Mr. Trump hasn't yet disclosed details about his April 2 tariff plans, the president has said he plans to announce so-called reciprocal tariffs, which are designed to match the import duties placed on U.S. goods and services by other nations, as well as compensate for other trade barriers. But because the cost of tariffs are largely passed onto consumers, they could cause inflation to re-accelerate while dampening economic growth, economists say.