Many new tariffs, announced by Trump on April 2, took effect on Wednesday morning. They target a wide range of imported goods and have triggered a global trade war, as major economies plan retaliatory measures.
Trump’s tariffs include massive 104 percent duties on Chinese goods, while dozens of other nations, plus the European Union, will face tariffs ranging from 11 percent to 50 percent.
Asian stocks collapsed Wednesday morning as the new tariffs kicked in with key markets already open. In Japan, the Nikkei index dropped over 5 percent, while the broader TOPIX index fell by 4.6 percent. Hong Kong’s Hang Seng index lost 4.3 percent and Taiwan’s market plunged more than 5.7 percent.
Speaking at the event Tuesday night, Trump also announced plans for additional tariffs on pharmaceutical imports.
“We’re going to tariff our pharmaceuticals and once we do that they’re going to come rushing back into our country because we’re the big market,” he said.
