U.S. stocks whipped through another dizzying day before President Donald Trump’s unveiling of his “Liberation Day” tariffs.

Treasury Secretary Scott Bessent said Wednesday the sell-off in the stock market is due more to a sharp pullback in the biggest technology stocks instead of the protectionist policies coming from the Trump administration.

U.S. stock futures and the dollar tumbled after President Trump unveiled sweeping tariffs on trading partners that were higher than investors had expected.