Trump’s Tariffs in Effect: 104% Duty on China Among Other Major Levies

 Trump’s Tariffs in Effect: 104% Duty on China Among Other Major Levies

US President Donald Trump holds a chart as he delivers remarks on reciprocal tariffs during an event in the Rose Garden entitled "Make America Wealthy Again" at the White House in Washington, DC, on April 2, 2025.

Global markets are responding to President Donald Trump’s newly implemented “reciprocal” tariffs, which officially took effect at 12:01 a.m. EST (04:01 GMT) on Wednesday.

On Tuesday, U.S. stock markets tumbled after Trump announced that import duties on Chinese goods would surge to 104 percent. The S&P 500 dropped 1.57 percent, while the tech-focused Nasdaq Composite slid 2.15 percent.

This downturn came after a strong rally earlier in the day, as markets remained volatile amid uncertainty surrounding Trump’s evolving trade strategy.

Asian markets mirrored Wall Street’s losses in early Wednesday trading, with Japan’s Nikkei 225 falling nearly 4 percent and South Korea’s KOSPI declining by around 1 percent.

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