U.S. stock markets opened lower on Wednesday as President Trump’s global trade war intensified, with China announcing additional levies on American goods hours after Mr. Trump’s punishing new tariffs took effect. The moves heightened fears of a global recession, as the European Union approved its own retaliation for U.S. steel and aluminum tariffs.
Mr. Trump’s latest tariffs hit nearly all U.S. trading partners with new levies and raised import taxes on Chinese goods to 104 percent. Beijing then announced additional tariffs on imports from the United States, for a total levy of 84 percent, to go into effect at noon Eastern.
Shortly before that, European Union member states voted to approve counter-tariffs against the United States that would take effect next Tuesday, the bloc’s first response to Mr. Trump’s global levies. The bloc said its countermeasures “can be suspended at any time, should the U.S. agree to a fair and balanced negotiated outcome.”
Losses have mounted in stock markets around the world since Mr. Trump announced this latest round of tariffs last week, and government bond yields rose sharply as the tumult has started spreading to that market, traditionally seen as a safe haven in times of uncertainty. The dollar also fell.
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