Stocks resumed their steep pullback on Thursday as the latest concessions from the White House on President Donald Trump’s controversial tariff policies failed to calm rattled investors.

The Dow Jones Industrial Average traded 515 points lower, or 1.2%. The S&P 500 shed 1.9%, while the Nasdaq Composite lost 2.5%.

The major averages have each lost more than 3% this week as U.S. tariffs on Canadian, Mexican and Chinese imports took effect, rocking financial markets. Canada and China each responded with retaliatory levies of its own, while Mexico said it would unveil measures over the weekend.

Despite this week’s slide, the market got a boost on Wednesday after the White House it would grant a one-month delay for tariffs on automakers that sell cars that comply with the United States-Mexico-Canada Agreement. That gave hope to investors expecting the levies to be further walked back, in turn mitigating the expected hit to the U.S. economy.

Trump said Thursday that most Mexican imports in compliance with the USMCA trade agreement also received an extension. But that news did not deliver the same upward momentum in the market seen in the prior session as uncertainty around the policy mounted.

Stocks then returned to trading near session lows Thursday afternoon after Treasury Secretary Scott Bessent argued in favor of tariffs. His comments left investors questioning how far the White House would be willing to go in making compromises on the embattled policy over the long term.

“To the extent that another country’s practices harm our own economy and people, the United States will respond,” Bessent said during an Economic Club of New York event. “This is the America-first trade policy.”

Bessent also described Canadian Prime Minister Justin Trudeau as a “numbskull,” while saying the administration was focused more on Main Street than Wall Street. The S&P 500 hit its lowest point since early November in the session.

“You’re just having confusion,” said Keith Lerner, chief market strategist at Truist. “That confusion is permeating into the day-to-day swings of the market.”

A continued unwind of the popular artificial intelligence trade that has boosted the market for more than a year also hurt stocks on Thursday.

Notably, chipmaker Marvell Technology dropped more than 17% after the company issued mixed first-quarter guidance. Other semiconductor builders such as ON Semiconductor, Taiwan Semiconductor and Nvidia also slid.

On top of that, a string of recent economic reports raised alarm that Trump’s policies could hinder the U.S. economy. Those came ahead of Friday’s closely watched jobs report.

The Federal Reserve’s Beige Book and the Institute for Supply Management’s manufacturing reading both indicated fear of rising input costs because of the tariffs. Data from Challenger, Gray & Christmas released Thursday showed layoff announcements soared to 2020 highs, which the outplacement firm found was driven by Trump and billionaire Elon Musk’s efforts to shrink the federal government’s workforce.