Market Reaction to New Tariffs

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

Impact on Major Indices

By early morning, the Dow Jones Industrial Average had fallen by 0.41%, and the S&P 500 saw a decrease of 0.27%. In contrast, the Nasdaq 100 managed a slight gain of 0.23%.

Additional Tariff Announcements

Later, President Trump revealed plans to introduce a "major tariff" on pharmaceuticals, further unsettling the markets.

Currency Movements

Amid these developments, the euro strengthened against the dollar, rising by 0.55% to $1.10196 by mid-morning.