Trump Reciprocal Tariffs Stock Market Impact on China, India, Canada, US, UK, Asian Countries
US President Donald Trump holds a signed executive order on tariffs on aluminum imports in the Oval Office of the White House. (Image: Reuters)Trump Tariffs News Live Updates: US President Donald Trump’s latest reciprocal tariffs have come into effect on Wednesday as stock markets across the world plunged to record low levels. The US president on April 2 announced the latest round of tariffs, and declared that America would now tax nearly all its trading partners at a minimum of 10% and impose steep rates for countries that Trump says run trade surplus with the US. Trump’s higher import tax rates on dozens of countries and territories came into effect on Wednesday midnight.
Trade War: After Donald Trump imposed 104 per cent tariff on Chinese goods, Beijing announced ‘countermeasures’ and said that it would not bow down to the “tax blackmail” the US adminration. China also announced that it was imposing 34 per cent tariff on US goods which has escalated trade tensions between the US and China. Trump has accused foreign countries of levying harsh duties on American products and “plundering” the US economy.
What Next For Market: US stocks plunged for the fourth straight day on Tuesday 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 S&P 500 is now about 19 per cent down from its latest high of February 19. It will enter a bear market if it records 20 per cent decline. The S&P 500 companies have lost $5.8 trillion in stock market value in past week, and Asian markets including Japan’s Nikkei, and India’s Sensex saw a broad sell-off and were bracing for further fall.
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