WASHINGTON, April 9: — President Donald Trump’s sweeping tariffs on foreign goods took effect early Wednesday, escalating a trade war that has rattled global markets and invited economic pushback from allies and rivals alike.
The latest round includes a 104% tariff on Chinese imports, nearly doubling last week’s 54% duty. The White House described the move as a response to what Trump called unfair trade practices and currency manipulation. “We have a lot of countries coming in that want to make deals,” Trump said at a Tuesday event, adding later that “China will come to the table.”
The administration also imposed a 20% tariff on goods from the European Union and a 46% duty on Vietnamese imports, targeting nations Trump claimed are “ripping off” the United States. Earlier, a 10% blanket tariff on imports had already taken effect Saturday.
The financial fallout has been severe. The S&P 500 dropped below 5,000 for the first time in nearly a year, closing Tuesday with its largest four-day decline since the index was created in the 1950s. U.S. companies have lost $5.8 trillion in value, according to LSEG data. Asian markets also tumbled, with Japan’s Nikkei shedding over 3% and South Korea’s currency plunging to a 16-year low.
Wall Street appeared headed for a fifth consecutive day
