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.
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to en...
Veteran U.S. politician Mitch McConnell has been admitted to hospital in Washington, DC, according to his office....
British anti-Islam activist Tommy Robinson said he was detained by police at Heathrow Airport on Saturday, 13 June and had his mobile phone seized, d...
Lewis Hamilton described an emotional and long-awaited triumph after claiming his first Formula One victory for Ferrari at the Spanish Grand Prix on S...
The United States and Iran have reached a deal to end their war, U.S. President Donald Trump and Pakistani Prime Minister Shehbaz Sharif posted on ...
Details of a reported draft memorandum of understanding between the United States and Iran offer the clearest picture yet of how both sides plan to end months of conflict and move towards a longer-term settlement.
Veteran U.S. politician Mitch McConnell has been admitted to hospital in Washington, DC, according to his office.
British anti-Islam activist Tommy Robinson said he was detained by police at Heathrow Airport on Saturday, 13 June and had his mobile phone seized, days after posting extensively online about racist and anti-immigrant unrest in Northern Ireland.
Lewis Hamilton described an emotional and long-awaited triumph after claiming his first Formula One victory for Ferrari at the Spanish Grand Prix on Sunday, 14 June.
Pakistan has warned that any attempt by India to block or significantly reduce river flows under the Indus Waters Treaty could have “far-reaching consequences”, after India's water minister said New Delhi was working to ensure that “not a single drop” of water reaches Pakistan in the coming years.
Armenia has every right to choose Europe. But Europe’s support for Armenia’s direction should not become automatic approval of its political process.
The U.S. and Iran say they have reached a deal to end their conflict, with an immediate ceasefire and reopening of the Strait of Hormuz after the lifting of the U.S. naval blockade. Talks will continue over the next 60 days to finalise the agreement
U.S. President Donald Trump has said a peace agreement with Iran is scheduled to be signed on Sunday in a post on social media, despite Tehran's Foreign Ministry spokesperson Esmaeil Baghaei saying no deal would be approved this weekend.
Japan’s birth rate and fertility levels have fallen to their lowest levels on record, highlighting the country’s worsening demographic crisis as fewer people marry and have children.
Ukrainian President Volodymyr Zelenskyy said he spoke with U.S. President Donald Trump on Sunday, 14 June about efforts to end Russia's war in Ukraine, as world leaders prepare to gather for the G7 summit in France.
All 12 people on board a plane that crashed near Butler Memorial Airport in the U.S. state of Missouri have died, according to local authorities.
Thousands of people took to the streets of Geneva on Sunday, 14 June ahead of this week's G7 summit in neighbouring France, but a largely peaceful demonstration later descended into clashes with police.
Veteran U.S. politician Mitch McConnell has been admitted to hospital in Washington, DC, according to his office.
British anti-Islam activist Tommy Robinson said he was detained by police at Heathrow Airport on Saturday, 13 June and had his mobile phone seized, days after posting extensively online about racist and anti-immigrant unrest in Northern Ireland.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment