After Donald Trump imposed 125 per cent tariff on Chinese goods, Beijing announced 'countermeasures' and said that it would not bow down to the 'tax blackmail' by the US administration. (AP photo)Trump Tariffs News: US stocks plummeted on Thursday, with the S&P 500 down 2.1% and the Nasdaq Composite index falling 2.7%, as investors weighed the impact of new US-China tariffs on the tech sector. The trade tensions escalated after President Trump raised duties on Chinese imports to 125%, prompting Beijing to retaliate with 84% tariffs, effective Thursday. This move marked a significant increase in the ongoing trade war, with President Trump having raised tariffs on Chinese goods by a total of 145% since taking office. The worsening trade war led to a 4% drop in US stocks in early afternoon trading.
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Asian Markets roar: Asian markets rallied sharply on Thursday, mirroring Wall Street’s gains of Wednesday after President Trump paused most of his global tariffs. Japan’s Nikkei surged 9.1%, South Korea’s Kospi jumped 6.6%, and Taiwan’s composite index rebounded 9.25%, while Hong Kong’s Hang Seng gained 2%. Key Chinese indices also edged higher, though investor focus remains on Beijing’s response, as Trump not only excluded China from the tariff pause but raised duties on Chinese exports to 125%. This followed Beijing’s retaliatory move imposing 84% tariffs on US goods, escalating tensions even as markets celebrated the temporary reprieve. European markets are also on track for one of their best sessions since 2020, as investors react to last night’s u-turn from Trump.In London, the FTSE 100 is currently up 307 points, or 4%, at 7985 points, which could be its best day since November 2020.
Markets Skyrocket: The US stock market rallied sharply on Wednesday (April 9), reversing earlier jitters driven by President Donald Trump’s escalating trade war. As of early morning IST, the Dow Jones was up 2,962.97 points, or 7.87%, at 40,608.56. The Nasdaq Composite soared 1,867.06 points, or 12.16%, to 17,124.97, while the S&P 500 climbed 474.93 points, or 9.53%, to 5,456.20. The rally came after Trump announced 90-day tariff pause for all countries except for China. Huge swings have become routine for financial markets worldwide recently, not just day to day but hour to hour, as investors struggle to game out what Trump’s trade war will do to the economy.
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