Markets Reverse Gains As Trump's 104% China Tariff Announcement Rattles Wall Street

Wall Street's early rally lost steam and flipped into negative territory Tuesday afternoon after White House Press Secretary Karoline Leavitt confirmed that President Donald Trump's retaliatory 104% tariff on Chinese imports would take effect at 12:01 a.m. ET Wednesday.

Her remarks triggered a sharp deterioration in market sentiment and reignited fears of a global trade escalation.

By 2:15 p.m. ET, the S&P 500, as tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY), had slipped 0.3%, the Russell 2000 fell 1.3%, and the Nasdaq 100 was barely positive, up just 0.1%. The Dow Jones Industrial Average held onto a 0.3% gain, though upside momentum was fading fast.

What Triggered The Market Turnaround?

Leavitt’s remarks delivered clarity, and a hard deadline, for Trump’s escalating tariff campaign.

"There will be 104% tariffs going ...

https://www.benzinga.com/economics/macro-economic-events/25/04/44698697/markets-reverse-gains-as-trumps-104-china-tariff-announcement-rattles-wall-street