Trump Doubles Down On China With 104% Duties; Beijing Vows Retaliation

New Delhi, Apr 9 (KNN) President Donald Trump's ‘reciprocal’ tariffs on dozens of countries took effect on Wednesday, including unprecedented 104 per cent duties on Chinese goods, intensifying a global trade conflict as his administration prepares for negotiations with some nations.

These punitive measures have disrupted long-established global trading norms, sparked recession concerns, and triggered significant market downturns worldwide.

The S&P 500 has lost nearly USD 6 trillion in value since Trump announced the tariffs last week, marking the deepest four-day decline since the index's inception in the 1950s.

The benchmark is approaching bear market territory, defined as 20 per cent below its most recent peak.

Asian markets continued their decline on Wednesday following a brief pause, with Japan's Nikkei dropping over 3 per cent and South Korea's won falling to a 16-year low. U.S. stock futures indicated a fifth consecutive day of losses on Wall Street.

Trump has sent conflicting messages about the longevity of these tariffs, describing them as "permanent" while simultaneously suggesting they are leverage to bring other leaders to the negotiating table.

"We have a lot of countries coming in that want to make deals," he stated during a White House event on Tuesday. The administration has already arranged discussions with South Korea and Japan, two key allies and major trading partners, while Italian Prime Minister Giorgia Meloni is scheduled to visit next week.

Vietnam's deputy prime minister, representing a low-cost manufacturing hub facing some of the highest duties globally, is set to meet with Treasury Secretary Scott Bessent on Wednesday.

The prospect of potential agreements briefly boosted stock markets on Tuesday, though U.S. stocks relinquished those gains by the trading day's end.

Trump nearly doubled the duties on Chinese imports from the previously announced 54 per cent after Beijing revealed counter-tariffs last week.

China has pledged to resist what it considers economic blackmail, with top Chinese brokerages committing to collaborate on stabilising domestic share prices amid the tariff-induced volatility.

(KNN Bureau)