Global markets experienced significant volatility on Wednesday, April 9, 2025, as a new round of U.S. tariffs went into effect, prompting retaliatory measures from China and concerns about the potential for a protracted trade war.
Asian and European stock markets saw widespread declines. Japan’s Nikkei 225 index led the losses, closing 3.9% lower at 31,714.03. Hong Kong’s Hang Seng index showed a slight increase of 0.7%, while the Shanghai Composite index rose 1.3%.
READ: Trump Orders Sharp Increase In Tariffs On China
Interestingly, Thailand’s stock market benchmark also saw gains, reportedly fueled by speculation that China and the Trump administration might be preparing to engage in trade talks. These unconfirmed rumors also contributed to a temporary rise in U.S. stock futures, with S&P 500 futures up 0.3% and Dow futures remaining unchanged.
However, further market volatility is anticipated due to the ongoing uncertainty surrounding the duration and impact of President Trump’s tariffs.
China’s Countermeasures: China announced that it will increase its retaliatory tariff on U.S. imports to 84%, up from the previous 34%, effective April 10. This move further escalates the trade tensions between the two economic giants. China reiterated its stance that it would “fight to the end.”
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Canada’s Retaliation: Canada has also announced plans to implement retaliatory tariffs, imposing a 25% tariff on auto imports from the United States that do not comply with the USMCA (United States-Mexico-Canada Agreement), effective just after midnight on Wednesday.
US Trade Representative’s Testimony: U.S. Trade Representative Jamieson Greer testified before the Senate Finance Committee, stating that “about 50” countries have so far sought talks with the U.S. to negotiate exemptions from the tariffs. Greer acknowledged that the tariffs, designed to reduce America’s trade deficit, may result in “challenging” adjustments.
The situation remains fluid, with the potential for further economic and political repercussions as the trade disputes unfold.
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