Asian and European shares slid on Wednesday, with Japan’s Nikkei 225 dipping more than 5%, as the latest set of US tariffs including a massive 104% levy on Chinese imports took effect. China announced countermeasures, saying it will raise its retaliatory tariff on the US to 84%, up from 34%, effective April 10. Japan’s Nikkei 225 closed 3.9% lower. …China has again vowed to “fight to the end,” raising tariffs on American goods to 84% to match Trump’s addition of a 50% tariff, while adding an array of additional countermeasures Wednesday. The 84% tariff will go into effect Thursday, and comes as a 104% tax on the country’s exports to the US came into effect. “If the US insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end” the Ministry of Commerce wrote. …Futures point to more losses for US stock markets.
- CNBC: Dow drops more than 200 points as U.S.-China trade tensions intensify
- New York Times: For US and China, a Risky Game of Chicken With No Off-Ramp
- Investopedia: Trump’s Wide-Ranging Tariffs Could Complicate Supply Chains
- Canadian Press: Canada adds more retaliatory tariffs
- Bloomberg: Trump pharmaceutical tariffs due very shortly