U.S. stocks rose in early trading on Wednesday as Trump’s tariffs went into effect.
The Dow Jones Industrial Average gained nearly 200 points, while the S&P 500 rose 0.8% and the Nasdaq Composite over 1.5%. The tech-heavy Nasdaq was the first to sink into a bear market last Friday.
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Overnight, China fired back with a 84% tariff clapback. The White House continues to reiterate it is open to negotiations with China as well as any other country.
JPMorgan Chase Chairman and CEO Jamie Dimon talked tariffs, the future of U.S. trade and competition, earnings expectations, recession likelihood and more in an exclusive interview on “Mornings with Maria” on Wednesday.
“I’m taking a calm view, but I think it could get worse if we don’t make some progress here,” Dimon said. “And of course, you know, trade war as you saw China raise their tariffs today. You know, and people get angry and they’re going to have responses. And every country has got choices, short term choices or long term choices.”
He went on to say he wants to see progress in getting trade deals with key partners like Japan, Vietnam, South Korea and Europe.
“If you want to calm down the markets, show progress in those things and let Scott [Bessent] take the time. Trade deals are very large and very complex. They can’t be done overnight, but you really have to have teams working them to get them right,” he said.
He nevertheless said some level of recession is now a “likely outcome” from the tariff war.
Fear is running high among investors, the highest since April of 2020, when the COVID-19 pandemic escalated across the globe.
The CBOE’s Volatility Index is nearing a reading of 60, a five-year high, as President Trump’s tariff push continues to plague U.S. stocks.
The S&P 500 is on pace for a fifth straight day of losses Wednesday as President Trump’s tariffs kicked in. The Chinese, responded in kind, pushing tariffs against the U.S. to 84%.
Treasury Secretary Scott Bessent blasted the Chinese for the move in an exclusive interview with FOX Business Wednesday morning.
Treasury Secretary Scott Bessent says China’s decision to retaliate against President Donald Trump’s tariffs is a “loser.”
Bessent made the statement during a Wednesday appearance on Fox News’ “Mornings With Maria,” saying the Trump administration hopes to engage in negotiations with China.
“I think it’s unfortunate that the Chinese actually don’t want to come and negotiate because they are the worst offenders in the international trading system. They have the most imbalanced economy in the history of the modern world,” Bessent said.
“I can tell you that this escalation is a loser for them, that they have some very smart the economist and the academicians, technocrats within their bureaucracy, and they would be telling the leadership that we do not have the edge here. They are the surplus country that their exports to the U.S. are five times our exports to China. So they can raise their tariffs. But so what?” he continued.
“No one wins in a war. But it’s proportionality. And the proportionality for the Chinese is going to be much worse.”
President Donald Trump says now is a “great” time for business owners to move their companies to the U.S. amid a global tariff war.
Trump made the announcement Wednesday morning on social media, saying companies coming into the U.S. would face less red tape as well as “zero tariffs.”
“This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing. ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!” Trump wrote.
His statement came just minutes after China announced it was raising tariffs on U.S. goods from 34% to 84%.
China says it will raise tariffs on U.S. imports from 34% to 84% this week in response to President Donald Trump’s reciprocal tariff announcement.
Chinese officials have vowed to fight “to the end” amid a trade war with the U.S. The new tariff level is set to take effect on April 10, according to a Wednesday statement from China.
“If the U.S. insists on further escalating its economic and trade restrictions, China has the firm will and abundant means to take necessary countermeasures and fight to the end,” the Ministry of Commerce wrote in a statement on Tuesday.
Trump raised tariffs on China to 104% at midnight on Wednesday after China responded to the initial tariff announcement with a hike of its own.
This is a developing story. Check back soon for updates.
A bipartisan group of senators is introducing a resolution to repeal President Donald Trump’s global tariffs, after the administration ignited a trade war with countries around the world.
Sens. Rand Paul, R-Ky., and Ron Wyden, D-Ore., led the resolution, which was also signed onto by Senate Minority Leader Chuck Schumer, D-N.Y., and Sens. Tim Kaine, D-Va., Jeanne Shaheen, D-N.H., Peter Welch, D-Vt., and Elizabeth Warren, D-Mass.
“Tariffs are taxes, and the power to tax belongs to Congress—not the president,” Paul said in a statement. “Our Founders were clear: tax policy should never rest in the hands of one person. Abusing emergency powers to impose blanket tariffs not only drives up costs for American families but also tramples on the Constitution. It’s time Congress reasserts its authority and restores the balance of power.”
Paul has been a staunch critic of tariffs during his time in office and has consistently opposed the use of emergency declarations to circumvent Congress.
The measure will be treated as a privileged resolution that must receive a vote on the Senate floor, according to a press release. If approved, the resolution would vacate the emergency that Trump declared in an executive order to impose tariffs of up to 49% on goods Americans buy that are produced by other countries.
Following Trump’s tariff announcement, markets have cratered, manufacturers have laid off thousands of workers and foreign countries have responded by imposing retaliatory tariffs on U.S. agricultural and manufactured goods.
“Trump is driving our economy into a recession, killing jobs and wiping out seniors’ retirement funds as we speak,” Wyden said. “Enough is enough. No president should have the power to tax everything Americans buy without being accountable to Congress. Unless Republicans join with Democrats and take back Congress’s power over trade policy, the damage could take years to reverse.”
This is an excerpt from an article by Fox Business’ Landon Mion
China’s central bank will not allow a significant decline of the yuan and has urged major state-owned banks to scale back U.S. dollar purchases.
The order from Chinese officials comes as the yuan faces heavy downward pressure amid aggressive tariffs on Chinese goods exported to the U.S.
The People’s Bank of China (PBOC) sent the new guidance to state banks this week, asking them to withhold U.S. dollar purchases for their proprietary accounts, according to Reuters.
Major banks were also told to step up checks when executing dollar purchase orders for clients, in a move markets view as a way for the central bank to curb speculative trades, the outlet reported.
China’s large state banks were seen selling dollars and purchasing yuan aggressively to slow the pace of yuan declines in the onshore spot market on Wednesday, according to the outlet.
China’s central bank will not resort to yuan devaluation to cushion the blow from tariffs on exports and the overall economy, Reuters reported.
This is an excerpt from an article by Fox News’ Landon Mion
Financial markets have experienced historic volatility in recent days amid elevated uncertainty due to President Donald Trump’s trade war with China and other countries, and experts say that investors should stick with their long-term plans and resist the urge to make snap decisions.
The Dow Jones Industrial Average experienced back-to-back swings of more than 2,000 points in consecutive trading sessions on Monday and Tuesday, with Monday’s session setting a record for the largest intraday point swing.
With investors watching their 401(k), IRA or other brokerage accounts fluctuate wildly, experts suggest that they shouldn’t panic and sell stocks or deviate from a long-term investing plan, and instead should continue with that plan because if the plan is well-diversified, the volatility will be beneficial over the long-run.
“If investors have a good plan in place, then they should stick to the plan,” David Bahnsen, founder and managing partner of the Bahnsen Group, told FOX Business in an interview. “For example, if they have a stock market in their 401(k) or their retirement accounts, then that weighting in the stock market is supposed to take into account the fact that markets sometimes go down a lot.”
“They don’t do it a lot this quickly, this violently, but they do it,” he added. “It happened after COVID, it happened after the financial crisis, it happened after 9/11. Every five to seven years you have one of these experiences, and they’re really brutal for people, but they’re part of why investors get a better return over time from being in the stock market.”
This is an excerpt from an article by Fox Business’ Eric Revell
European stock futures are feeling the heat as President Trump’s tariffs took effect on Wednesday.
The newest wave has triggered a selloff globally across financial markets.
Euro Stoxx 50 sank 4% after a brief rebound on Tuesday but are assumed to resume their decline.
The Stoxx Europe 600 Index sank 2.3% and every sector is declining with imports from the European Union set to be taxed at a 20% rate under Trump’s latest tariffs.
Many are worried about the tariff’s
Trump’s sweeping tariffs are threatening to toppling the global economic order and fear a recession as the European stocks are apparently down for this year, according to a Bloomberg report.
China’s Ministry of Commerce called out the additional tariffs imposed by President Donald Trump at midnight on Wednesday, stating that the country “has no choice but to take strong countermeasures to resolutely defend its national interests.”
China said “differences and frictions in economic and trade cooperation” are normal with the United States, but “the key” in the economical relationship is respect and finding “a proper solution.”
“These restrictive measures, which use tariffs as threats and coercion, are a mistake on top of a mistake, and once again expose the typical unilateralism and bullying nature of the United States,” the statement said, according to a translation.
The ministry warned that the additional tariffs will have a “serious impact” on the country’s trade relationship with the U.S.
“The success of China and the United States is an opportunity rather than a threat to each other. It is hoped that the United States and China will meet each other halfway, follow the direction indicated by the call between the two heads of state, and in the spirit of mutual respect, peaceful coexistence, and win-win cooperation, resolve their respective concerns through equal dialogue and consultation, and jointly promote the healthy, stable and sustainable development of China-US economic and trade relations,” the statement said.
French companies have been urged to suspend their investments in the U.S. over tariffs imposed by President Donald Trump.
Marc Ferracci, France’s minister for industry and energy, advised companies in the country to make the move as clashes continue between Europe and the Trump administration.
“We are saying, suspend your investments, given this very complicated moment in time. We are currently in a situation of high confusion. Investments that had been foreseen have now been made uncertain,” Ferracci told France Info radio, according to Reuters.
Reuters contributed to this report.
A bipartisan group of senators is introducing a resolution to repeal President Donald Trump’s global tariffs, after the administration ignited a trade war with countries around the world.
Sens. Rand Paul , R-Ky., and Ron Wyden, D-Ore., led the resolution, which was also signed onto by Senate Minority Leader Chuck Schumer, D-N.Y., and Sens. Tim Kaine, D-Va., Jeanne Shaheen, D-N.H., Peter Welch, D-Vt., and Elizabeth Warren, D-Mass.
“Tariffs are taxes, and the power to tax belongs to Congress—not the president,” Paul said in a statement. “Our Founders were clear: tax policy should never rest in the hands of one person. Abusing emergency powers to impose blanket tariffs not only drives up costs for American families but also tramples on the Constitution. It’s time Congress reasserts its authority and restores the balance of power.”
Paul has been a staunch critic of tariffs during his time in office and has consistently opposed the use of emergency declarations to circumvent Congress.
The Trump administration is hitting China with harsher tariffs after the country failed to meet the president’s 12:00 p.m. deadline on Tuesday to lift its retaliatory tariffs. This comes after President Donald Trump insisted that China wanted to “make a deal badly.
“Press Secretary Karoline Leavitt confirmed on Tuesday that an additional 104% tariff on Chinese imports will be imposed on April 9. In Tuesday’s press briefing, Leavitt also reiterated Trump’s belief that China is looking to make a deal.
“He believes China has to make a deal with the United States. It was a mistake for China to retaliate,” Leavitt told reporters. “The president, when America is punched, he punches back harder, that’s why there will be 104% tariffs going into effect on China tonight at midnight.
“Leavitt added that Trump said he would be ‘gracious’ if Chinese President Xi Jinping were to attempt to negotiate a deal.
Click here to read the full article from Fox Business’ Rachel Wolf.
At a dinner held by the National Republican Congressional Committee on Tuesday, President Donald Trump announced that he would soon introduce a “major tariff on pharmaceuticals.
“The announcement came after another rough day at the stock market, with the Dow Jones Industrial Average falling more than 300 points.
“And when you, and when [pharmaceutical companies], hear that they will leave China, [pharmaceutical companies] will leave other places because they have to sell most of their product is sold here, and they’re going to be opening up their plants all over the place in our country,” Trump told his audience. “We’re going to be announcing that.”
“So that’s breaking news, ladies and gentlemen. We have breaking news. That’s what’s going to happen.”
