Market Turmoil Following Tariff Announcement

In a dramatic turn of events, major U.S. stock market indexes closed significantly lower on Tuesday. This downturn came after initial gains were overshadowed by the White House's reported plan to impose a 104% duty on Chinese exports, effective midnight. The move has sparked concerns among investors, particularly those in companies reliant on manufacturing or importing parts from China.

Indexes Take a Hit

The Dow Jones Industrial Average fell by 0.84%, or 319 points, after a steep drop of over 800 points earlier in the session. Similarly, the Nasdaq 100 slid by 1.95%, or 340 points, and the S&P 500 nosedived by 1.57%.

Currency Fluctuations

Amid the market's volatility, the euro saw a slight increase against the dollar, rising by 0.44% to $1.09571 at 3:58 pm ET.

Stay tuned for further updates on this developing story.