U.S. stocks tumbled on Thursday after the White House clarified that tariffs on Chinese imports will total 145%, not the previously stated 125%, reigniting investor fears over the global trade outlook.
The market losses accelerated after the White House issued a clarification on President Donald Trump’s latest tariff move. While Trump had originally stated that Chinese goods would face a 125% tariff, the administration confirmed on Thursday that the final rate will be 145%.
The earlier 125% figure, which Trump had posted on social media and mentioned during a press conference on Tuesday, was already higher than any previous U.S. tariff rate on Chinese goods. It sparked brief panic across global markets before investors recovered on hopes the escalation might be temporary or subject to negotiation.
However, Thursday’s clarification by the White House dashed those hopes. Officials explained that the 125% figure only accounted for the latest round of increases, and when combined with prior tariffs already in effect, the total effective rate on most Chinese imports is 145%.
"While yesterday seemed to be a significant rally in the face of good news in terms of the potential for negotiations, the bad news is the trade war with China continues to escalate," said Art Hogan, chief market strategist, B Riley Wealth.
Even a better-than-expected U.S. inflation report failed to lift markets. Investors remain concerned that the steep tariffs will disrupt global supply chains, drive up prices for consumers, and hurt U.S. businesses dependent on Chinese goods.
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Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 7 June, covering the latest developments you need to know.
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