Argentina's sovereign bonds and equities fell sharply on Tuesday, pushing the country's risk index above 1,000 basis points for the first time since October, as global markets plunged in reaction to sweeping new U.S. tariffs.

The JPMorgan risk benchmark, a reflection of how investors view the country's debt, briefly surged past 1,000 basis points after midday trading before closing at 978 amid anticipation of a new disbursement from the International Monetary Fund.

Dollar-denominated Argentine bonds dropped as much as 3.7 percent, while the benchmark S&P Merval index fell 1.74 percent, according to data from local exchange operator BYMA.

Energy and utility stocks were among the hardest hit, with Transportadora de Gas del Norte down 11.9 percent, Metrogas off 11.6 percent, and power grid operator Transener falling 8.3 percent.

Shares of Argentine companies listed in New York also slid. Steelmaker Ternium dropped 7.1 percent, biotech firm Bioceres fell 6.8 percent, and agribusiness group Cresud lost 5.3 percent.

The losses followed the Trump administration's announcement of a 10 percent tariff on all Argentine imports, a move analysts say has amplified investors' uncertainty.

"As long as the U.S.-driven trade war continues, Argentina will remain highly exposed to volatility," Rafael Di Giorno, an analyst at Proficio, told local media outlet Ambito Financiero.