A sea of red could be seen across key European and US indexes on Wednesday afternoon as US President Donald Trump’s new tariffs came into effect, including total import levies of 104% on Chinese goods. US Customs and Border Protection confirmed that it was preparing to collect country-specific tariffs from 86 nations. In retaliation on Wednesday afternoon, China also announced a 84% tariff on US goods, up from 34%.
While President Trump indicated he remained open to negotiations with some countries, he confirmed that the planned tariffs on Chinese imports would proceed. He signed an executive order tripling tariffs on low-value Chinese goods to 90%, effective from 2 May.
