Market Reacts to New Tariffs

Following the implementation of President Donald Trump's imposing a 104% duty on Chinese imports, the US stock market experienced a notable downturn. This move has raised alarms among investors, particularly those with stakes in companies heavily reliant on manufacturing in China.

Pharmaceuticals Next in Line

Adding to the market's unease, Trump announced plans to introduce a significant tariff on pharmaceuticals, further intensifying concerns over the potential impact on the industry and broader market.

Market Performance

The Dow Jones Industrial Average fell by 0.41% early Wednesday, with the S&P 500 also dropping by 0.27%. In contrast, the Nasdaq 100 saw a slight increase of 0.23%, showcasing a mixed response across the board.

Currency Movements

Amidst these developments, the euro gained 0.55% against the dollar, trading at $1.10196, indicating shifting dynamics in the currency markets.