Shafaq News/ US President DonaldTrump’s sweeping tariffs on dozens of countries came into force on Wednesday,including a 104% duty on Chinese imports, intensifying a global trade disputeas his administration prepares for talks with several nations.
The tariffs, which Trump hasdescribed as “reciprocal,” have disrupted long-standing trade norms, triggeredrecession concerns, and caused a sharp decline in global markets, according toeconomic experts.
The S&P 500 has lost nearly $6trillion in market value since Trump announced the duties a week ago, markingits steepest four-day drop since the index was established in the 1950s. It isnow approaching bear market territory, defined as a 20% fall from its recentpeak.
Asian markets continued their slideon Wednesday. Japan’s Nikkei fell over 3%, South Korea’s won hit a 16-year low,and government bonds suffered significant losses as investors moved to cash.
US stock futures pointed to a fifthconsecutive session of losses on Wall Street.
Trump has reportedly sentconflicting messages about the long-term future of the tariffs, calling them“permanent” while also suggesting they are prompting other leaders to seekdialogue. "We have a lot of countries coming in that want to makedeals," Trump said at a White House event on Tuesday. He later added thathe believed China would eventually seek an agreement as well.
Talks are planned with South Koreaand Japan, two of Washington’s closest partners, and Italian Prime MinisterGiorgia Meloni is expected in Washington next week. Vietnam’s Deputy PrimeMinister, representing a major manufacturing hub heavily targeted by thetariffs, is scheduled to talk with US Treasury Secretary Scott Bessent onWednesday.
Tariff Fallout and Global Response
Trump nearly doubled tariffs onChinese goods, raising them from 54% to 104%, following Beijing’s announcementof retaliatory measures. China has condemned the move, calling it blackmail.
In response to the marketturbulence, major Chinese brokerage firms have pledged coordinated efforts tostabilize domestic equities.
Other governments are taking stepsto shield key sectors. South Korea announced emergency support for its autoindustry, including tax breaks and subsidies.
Economists warn that US consumersmay ultimately bear much of the burden, with higher prices expected across awide range of goods. A recent Reuters/Ipsos poll found that nearlythree-quarters of Americans anticipate rising prices in the next six months.
The immediate impact of the newtariffs may reportedly be delayed. Goods already en route to the US before thedeadline will be exempt from the duties if they arrive by May 27.
Trump’s earlier 10% across-the-boardtariffs on many imports took effect Saturday. The latest measures, imposed at12:01 a.m. ET (0401 GMT) on Wednesday, target nations Trump accuses of “rippingoff” the US. The list includes key allies such as the EU, which now faces a 20%duty alongside industry-specific penalties. The EU’s 27 members are expected tovote on initial countermeasures later in the day.
The US president has framed thetariffs as a response to foreign trade barriers that he says harm USbusinesses. He has also accused countries like Japan of currency manipulation,a claim Tokyo denies.
Japan’s finance minister said onWednesday that upcoming trade talks with the US could include discussions onexchange rates.
Trump has indicated more tariffs maybe on the horizon. Speaking to Republican lawmakers on Tuesday evening, he saidhe plans to announce “major” tariffs on pharmaceutical imports—one of the fewsectors not yet affected.
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