Trump's tariffs take effect - New measures "shock" markets. China is punished with a 104% tax
President Donald Trump's "reciprocal" tariffs on dozens of countries have taken effect, including massive 104 percent duties on Chinese goods.
Trump's punitive tariffs have shaken a global trading order that has endured for decades, raised fears of recession and wiped trillions of dollars off the market value of major firms.
Since the US leader unveiled his tariffs last week, the S&P 500 has suffered its deepest loss since the benchmark index was created in the 1950s, down about 20 percent.
Trump has ignored the market decline and offered investors mixed signals about whether the tariffs will remain in place in the long term, describing them as "permanent" but also stating that he is pressuring other leaders to seek negotiations.
"We have a lot of countries coming in and wanting to make deals," he said at a White House event. He also said he expected China to seek talks as well.
The US administration has planned negotiations with South Korea and Japan, two close allies and major trading partners. Italian Prime Minister Giorgia Meloni is also expected to visit the country next week.
The deputy prime minister of Vietnam, the low-cost Asian manufacturing hub hit with some of the highest tariffs globally, will also speak with Trump's Treasury Secretary.
The US president nearly doubled tariffs on Chinese imports, which were set at 54 percent last week, in response to counter-tariffs that Beijing announced last week. China has vowed to fight what it sees as blackmail.
Some economists have warned that ultimately American consumers are expected to bear the brunt of the trade war, facing higher prices for everything from sneakers to wine.
The full effects of the latest tariffs may not be felt for some time, as any goods already in transit as of midnight will be exempt from the new taxes as long as they arrive in the US by May 27.
The previous 10 percent tariffs imposed by Trump on all imports from many countries began on Saturday.
The latest round of tariffs includes many of the United States' closest allies, including the European Union, which was hit with a 20 percent tariff, as well as industry-specific taxes.
Trump has said the tariffs are a response to barriers placed on American goods and are necessary to fix America's trade imbalances. He has also accused countries, including Japan, of devaluing their currencies to gain a trade advantage, something Tokyo denies.
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