Charles Schwab’s Liz Ann Sonders says investors need to stick to high-quality companies as tariffs roil markets.

As details of the announcement spread by text messages and tweets, executives started to realize that Trump’s tariff threats were becoming a harsh reality. Many executives and investors spent the hours after the Rose Garden ceremony trying to understand how far the contagion will spread.

US stocks plummeted at the open. The Nasdaq was down more than 4%, the 10-year Treasury yield hit its lowest level since October, and oil prices dropped 7%.