Markets fall as U.S. announces 104% tariffs on China

U.S. stock markets closed lower on Tuesday after an early rally reversed following the White House’s announcement of steep new tariffs on Chinese imports, Bloomberg reported.

The Dow Jones Industrial Average fell 0.8%, the S&P 500 declined 1.5%, and the tech-heavy Nasdaq dropped 2.1% by the close of trading.

All three major indices had risen by about 4% early in the session before markets turned sharply lower after the Biden administration said it would impose 104% tariffs on Chinese goods starting April 9.

Brent crude futures for June delivery fell 3.9% to $61.69 per barrel on the ICE exchange in London, dipping below $62 for the first time since April 7, 2021.

U.S. markets have now recorded losses across four consecutive trading sessions, with analysts pointing to growing concerns over a potential trade war triggered by U.S. President Donald Trump’s policies.

N.Tebrizli