The ripple effects of Donald Trump's global trade war are increasingly being felt across numerous industries all at once and on Wednesday were once again exerting pressure on U.S. stock markets that have been roiled for weeks by his erratic trade policies.

The stock market had been running higher since making its post-Liberation Day lows on April 8. The rally, however, took a big step backward, with the S&P 500 and Nasdaq Composite tumbling 2.2% and 3.1%,

Tech stocks are set to lead Wall Street lower as new export restriction take the U.S-China trade war to a new and damaging level.