China slaps 84% hike on U.S goods; U.S. stock futures tumble more than 600 points as Trump tariffs begin
The initial impact of U.S President Donald Trump’s tariffs on several countries, including its allies, which came into effect on Wednesday, April 9, 2025). Hardest hit is China, which faces 104% in levies.
Meanwhile, China lodged a new complaint
with the World Trade Organization on Wednesday after the U.S increased tariffs on Chinese imports to 104%.
“The situation has dangerously escalated… As one of the affected members, China expresses grave concern and firm opposition to this reckless move,” the Chinese mission to the WTO said in a statement provided to Reuters.
JPMorgan Chase CEO Jamie Dimon has cautioned that a U.S. economic recession is “a likely outcome” from Trump’s tariffs, adding on to rising fears of an economic contraction on Wall Street.
“When you see a 2000-point decline [in the Dow Jones Industrial Average], it sort of feeds on itself, doesn’t it,” Dimon said on Fox Business’ “Mornings With Maria” show. “It makes you feel like you’re losing money in your 401(k), you’re losing money in your pension. You’ve got to cut back.”
