The United States said on Tuesday that 104% duties on imports from China will take effect shortly after midnight, even as the administration of President Donald Trump moved to quickly start talks with other trading partners targeted by sweeping tariffs.
U.S. stocks dropped on Tuesday for a fourth straight trading day since Trump’s tariffs announcement last week, with the S&P 500 closing below 5,000 for the first time in almost a year. The index is now 18.9% below its most recent high on February 19, close to the 20% decline that defines a bear market.
S&P 500 companies have lost $5.8 trillion in stock market value since Trump’s tariff announcement last Wednesday, the deepest four-day loss since the benchmark was created in the 1950s, according to LSEG data.
Global markets had previously posted gains on hopes that Trump might be willing to negotiate down the array of country and product-specific trade barriers he is erecting around the world’s largest consumer market.
Japan’s Nikkei saw a broad sell-off on Wednesday morning, and other Asian markets were braced for falls, hours before the tariffs were set to take effect.
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