What started off as Turnaround Tuesday ultimately became Downturn Tuesday for Wall Street, with the S&P 500, Nasdaq, and Dow Jones all dropping, after the Trump Administration said it will impose a 104% tariff on China beginning at 12:01 a.m. ET Wednesday.
White House Press Secretary Karoline Leavitt confirmed the plan at a press briefing on Tuesday afternoon, saying “the jig is up” for countries looking to one-up the U.S. on trade deals. Her confirmation came a day after President Trump said he would be hitting China with an additional 50% tariff, following the Chinese Communist Party saying it would slap a 34% fee on American goods.