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The Independent UK

Business

Andy Gregory

World bracing for market turmoil after US hits China with 104% tariffs in midnight ultimatum

Donald Trump China United States Karoline Leavitt White House Beijing Washington D.C.

Global markets are bracing for a trade war between the world’s two largest economies, as the White House confirmed Donald Trump’s 104 per cent tariffs on China are set to take effect.

Stock indexes in Europe and Asia finally returned to green on Tuesday, after nearly a week of turmoil – sparked by Mr Trump’s so-called “Liberation Day” tariffs announcement – wiped close to $10 trillion (£7.8 trillion) off the value of global markets.

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