New York: The main stock indexes on the U.S. Wall Street Stock Exchange suffered heavy losses amounting to billions of dollars on Friday at the close of the trading week, impacted by the tariffs imposed by U.S. President Donald Trump.

According to Qatar News Agency, the S and P 500 dropped by 322.44 points, equivalent to 5.97 percent, while the Nasdaq Composite Index lost 962.82 points or 5.82 percent of its value. The Dow Jones Industrial Average also fell by 2,231.07 points or 5.50 percent.

President Donald Trump announced last Wednesday the imposition of “reciprocal” tariffs on all U.S. imports from around, with a minimum rate of 10 percent. These tariffs are set to take effect Saturday, with higher tariffs scheduled to be imposed next Wednesday.