Stocks plunge again as Trump hits China with 104% tariff

STORY: Stocks plunged again on Wednesday morning, after Washington confirmed it would hit China with tariffs totalling 104%. That’s a response to Beijing putting its own retaliatory tariffs on U.S. goods. White House Press Secretary Karoline Leavitt confirmed that Donald Trump was going to escalate: “He believes China has to make a deal with the United States. It was a mistake for China to retaliate. The president when America is punched, he punches back harder. That's why there will be 104% tariffs going into effect.”Japan’s Nikkei index tumbled 3% from the open following the news. Hong Kong’s Hang Seng index then opened with similar losses. Oil prices also tumbled, falling nearly 4% in Asian trade amid mounting fears of a global recession. That all followed another day of tumult on Wall Street. U.S. stocks initially soared on hopes that trade deals were in the offing. Then they plunged back into the red following the China news. The benchmark S&P 500 index fell over 1.5%. It has now seen over $5.8 trillion in losses - marking the worst four-day decline since the index was created in the 1950s. Now the U.S. says talks are scheduled with Japan and South Korea. But officials say they will not prioritize negotiations with China. Beijing in turn has vowed to fight to the end, saying it will not give in to what it calls U.S. blackmail. Speaking late on Tuesday, Trump himself turned up the temperature again, dashing hopes that drugmakers would keep their current exemption: "We have to do, we're going to put we're going to tariff our pharmaceuticals. And once we do that, they're going to come rushing back into our country because we are the big market, the advantage we have over everybody is that we're the big market. So we're going to be announcing very shortly a major tariff on pharmaceuticals.”Now markets wait to see what U.S. trading partners do next, as his reciprocal tariffs on countries around the world kick in.The EU is widely expected to announce retaliatory levies on American goods ranging from soybeans to sausages.

STORY: Stocks plunged again on Wednesday morning, after Washington confirmed it would hit China with tariffs totalling 104%. That’s a response to Beijing putting its own retaliatory tariffs on U.S.

goods. White House Press Secretary Karoline Leavitt confirmed that Donald Trump was going to escalate: “He believes China has to make a deal with the United States. It was a mistake for China to retaliate.

The president when America is punched, he punches back harder. That's why there will be 104% tariffs going into effect.” Japan’s Nikkei index tumbled 3% from the open following the news.

Hong Kong’s Hang Seng index then opened with similar losses. Oil prices also tumbled, falling nearly 4% in Asian trade amid mounting fears of a global recession. That all followed another day of tumult on Wall Street.

U.S. stocks initially soared on hopes that trade deals were in the offing.

Then they plunged back into the red following the China news. The benchmark S&P 500 index fell over 1.5%.

It has now seen over $5.8 trillion in losses - marking the worst four-day decline since the index was created in the 1950s. Now the U.

S. says talks are scheduled with Japan and South Korea. But officials say they will not prioritize negotiations with China.

Beijing in turn has vowed to fight to the end, saying it will not give in to what it calls U.S. blackmail.

Speaking late on Tuesday, Trump himself turned up the temperature again, dashing hopes that drugmakers would keep their current exemption: "We have to do, we're going to put we're going to tariff our pharmaceuticals. And once we do that, they're going to come rushing back into our country because we are the big market, the advantage we have over everybody is that we're the big market. So we're going to be announcing very shortly a major tariff on pharmaceuticals.

” Now markets wait to see what U.S. trading partners do next, as his reciprocal tariffs on countries around the world kick in.

The EU is widely expected to announce retaliatory levies on American goods ranging from soybeans to sausages..