Market Reaction to New Tariffs

Following the implementation of President Donald Trump's staggering 104% duty on Chinese imports, equities in the United States traded mostly lower on Wednesday. This move has sparked concerns among investors, particularly those with companies heavily reliant on production in China.

Impact on Major Indices

The Dow Jones Industrial Average saw a decline of 0.41% at 4:16 am ET, while the S&P 500 dropped by 0.27%. In contrast, the Nasdaq 100 experienced a slight rise of 0.23%.

Currency Movements

Amid these developments, the euro strengthened by 0.55% against the dollar at 10:17 am ET, trading at $1.10196.

Additional Tariff Announcements

Later in the day, President Trump announced plans to introduce a "major tariff" on pharmaceuticals, further escalating trade tensions.