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Wall Street Falls Again as US Slaps 104% Tariff on China

The US stock market continues to fall sharply as the government pushes forward with a massive 104% tariff on Chinese imports. This move has shaken global markets and raised fears of a global recession.

By Aakash Khuman 08:44 AM Apr 09, 2025 IST

The 27-member bloc is struggling with tariffs on autos and metals already in place, and faces a 20% tariff on other products on Wednesday. Trump has also threatened to impose tariffs on EU alcoholic drinks.

Wall Street saw another big drop after the US confirmed it will apply a 104% tariff on imports from China. This announcement caused the S&P 500 to close below 5,000 for the first time in a year. Since the tariff news broke last Wednesday, S&P 500 companies have lost around $5.8 trillion in value – the biggest four-day fall since the 1950s.

Also Read: Stock Markets Drop Across Asia Amid New US Tariffs

Trump Moves Ahead with Tariffs Despite Global Concerns

President Donald Trump’s new trade plan includes high, targeted tariffs for many countries, especially China. These tariffs are set to take effect just after midnight. While Trump has started talks with allies like Japan and South Korea, the US has clearly said it won’t prioritize talks with China.

China Refuses to Give In, Tensions Rise

China has strongly rejected the tariffs, calling them blackmail. It has promised to fight back. As a result, global businesses are now worried about profits, with many manufacturers considering moving their operations out of China.

Countries Respond with Their Own Tariffs

Canada plans to hit back with a 25% tariff on some US-made vehicles. Canadian Prime Minister Mark Carney said they’re responding with “purpose and force.” Meanwhile, the European Union is thinking about adding 25% tariffs on US goods like soybeans and sausages.

Prices in the US May Soon Go Up

A recent survey showed that 75% of Americans expect prices to rise due to these tariffs. Some companies, like chipmaker Micron, have already announced extra charges. US clothing brands are delaying orders and hiring. Even simple items like running shoes could jump from $155 to $220 once new tariffs hit.

Consumers Rush to Stock Up

Worried about future prices, Americans are starting to buy in bulk. “I’m buying double of everything—beans, canned goods, flour,” said a New Jersey shopper.

Global Pressure Mounts on Trump

Many business leaders, including Trump’s close allies, are now asking him to step back from the trade war. Oil prices have stabilized a bit, but uncertainty remains high across markets. European pharma companies have warned EU officials that Trump’s tariffs could push their industry to move more operations to the US.

Also Read: Donald Trump Tariffs: China vows to ‘fight to the end’ against latest Trump threat

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