Stocks fall after day of wild swings as markets digest Trump’s tariff reality
Trump has sought to upend an entire economic order that revolves around free trade and the U.S. transition to a service-oriented economy from a manufacturing-intensive one.
Baseline 10% tariffs took effect Saturday, with dozens of countries facing higher so-called reciprocal tariffs beginning Wednesday. China said Friday it would impose a 34% tariff on all goods imported from the United States beginning this Thursday, after the U.S. tariffs are set to rise on Chinese goods — from 20% to at least 54%.
Trump didn’t seem to be letting up anytime soon; on Monday he threatened China with an additional 50% tariffs by Wednesday if it didn’t rescind its retaliatory measures. The White House later clarified it would mean 104% total.
