Wall Street tumbles on fears about Trump's "Liberation Day" tariff announcement

Wall Street tumbled on Monday ahead of President Trump's plans to announce more tariffs on April 2, which he he's dubbed "Liberation Day," because the new reciprocal tariffs, he says, will restore trade balances between the U.S. and other nations. 

But investors are cautious about the impact of a round of new tariffs, which are import fees that are largely passed onto U.S. consumers in the form of higher prices. Consumer confidence this month slumped to a 12-year low as more Americans are expressing concerns about tariffs and a pick-up in inflation. 

The Dow Jones Industrial Average slumped 403 points, or about 1%, to 41,181 in early Monday trading, while the broad-based S&P 500 index shed 1.6%. The tech-heavy Nasdaq composite index skidded 2.5%.