SPRINGFIELD, Mass. (WWLP) - The stock market faced quite a downfall Thursday. This comes after President Trump released his plans to impose a 10% tariff on all imported goods, along with 25% tariffs on imported vehicles. "It really hit rock bottom right away which means people weren't really s urprised by it, but they were trying to recalibrate their numbers," says Mark Teed, Senior Vice President of Raymond James & Associates. Nike, Apple, and Target all sank more than 9%. Meanwhile, the DOW nosedived more than 1,600 points, and the Nasdaq composite fell nearly 6%. "In other words, they charge us, we charge them less. So how can anybody be upset? But they will be because we never charge anybody anything" says President Donald Trump. Enjoying a Greek salad with feta cheese or purchasing clothing from the popular online shopping brand, Shein could be pricier. 25% tariffs on all foreign-made vehicles is expected to go into effect Friday. While baseline 10% tariffs will go into effect on Saturday. The president also plans to place tariffs on imported auto parts starting May 3. Local News Headlines Local sexual abuse survivor speaks out during April’s month of awareness Springfield residents voice concerns, push for change at community dinner Closure, construction planned for Vietnam Veterans' Memorial Bridge New Springfield autism center offers services for children WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com. ...read more read less