(The Guardian) Trump tariffs including 104% against China come into force
Donald Trump’s new tariffs on dozens of countries have come into effect, including 104% duties on Chinese goods, deepening his global trade war.
The round of so-called “reciprocal” tariffs on imports to the US – imposed from 12.01am Eastern Time (0401 GMT) – come as the US president’s punishing levies have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward.
The S&P closed below 5,000 for the first time in nearly a year on Tuesday and is nearing a bear market, defined as 20% below its most recent high, Reuters reports. S&P 500 companies have lost $5.8tn in stock market value since Trump unveiled the tariffs last Wednesday.
A sell-off across Asian markets resumed on Wednesday after a brief respite, with Japan’s Nikkei down over 3% and South Korea’s won currency sliding to a 16-year low. US stock futures also pointed to a fifth straight day of losses on Wall Street.
Trump nearly doubled duties on Chinese imports, which had been set at 54% last week, in response to counter-tariffs that Beijing announced last week. China has vowed to “fight to the end” over what it views as blackmail.
Trump has offered investors mixed signals about whether the tariffs will remain in the long term, describing them as “permanent” but also boasting that they are pressuring other leaders to ask for negotiations.
Donald Trump’s new tariffs on dozens of countries have come into effect, including 104% duties on Chinese goods, deepening his global trade war.
The round of so-called “reciprocal” tariffs on imports to the US – imposed from 12.01am Eastern Time (0401 GMT) – come as the US president’s punishing levies have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward.
The S&P closed below 5,000 for the first time in nearly a year on Tuesday and is nearing a bear market, defined as 20% below its most recent high, Reuters reports. S&P 500 companies have lost $5.8tn in stock market value since Trump unveiled the tariffs last Wednesday.
A sell-off across Asian markets resumed on Wednesday after a brief respite, with Japan’s Nikkei down over 3% and South Korea’s won currency sliding to a 16-year low. US stock futures also pointed to a fifth straight day of losses on Wall Street.
Trump nearly doubled duties on Chinese imports, which had been set at 54% last week, in response to counter-tariffs that Beijing announced last week. China has vowed to “fight to the end” over what it views as blackmail.
Trump has offered investors mixed signals about whether the tariffs will remain in the long term, describing them as “permanent” but also boasting that they are pressuring other leaders to ask for negotiations.
