Trump’s 104% Tariffs Shake Global Markets, China Retaliates with 84% Duties

President Donald Trump’s 104% tariffs on Chinese imports have officially taken effect, triggering a massive disruption in global trade and financial markets. In retaliation, China has imposed 84% tariffs on American goods, labeling the move “blackmail.” The S&P 500 has lost $5.8 trillion in value, marking its worst four-day loss since the 1950s. Markets in Asia and Europe have plunged, oil prices fell nearly 4%, and safe-haven assets like gold and the yen surged. As Washington seeks to negotiate with key allies such as Japan, South Korea, and Italy, concerns about a global recession continue to rise—and Trump may not be done yet.