Market Reacts to New Tariffs on Chinese Imports

Following the implementation of President Donald Trump's significant 104% duty on Chinese imports, U.S. equities experienced a downturn. This move has sparked concerns among investors, particularly those with stakes in companies reliant on production in China.

Pharmaceuticals Next in Line for Tariffs

Adding to the market's unease, Trump announced plans to introduce a "major tariff" on pharmaceuticals, further escalating trade tensions.

Index Performance in Early Trading

By 4:16 am ET, the Dow Jones Industrial Average had fallen by 0.41%, while the S&P 500 saw a 0.27% decrease. Contrary to the trend, the Nasdaq 100 enjoyed a slight increase of 0.23%.

Euro Strengthens Against Dollar

In currency markets, the euro appreciated by 0.55% against the dollar, trading at $1.10196 by 10:17 am ET.