US stocks slid on Tuesday after an early-morning rally as President Donald Trump's administration indicated it will enact tariffs totalling 104 per cent on China on Wednesday.
Mr Trump earlier threatened to impose a 50 per cent duty on China if it did not drop its 34 per cent tariff, which matched the duty Mr Trump imposed on Beijing last week. That would come on top of a 20 per cent tariff on China related to alleged fentanyl trafficking.
"The President, when America is punched, he punches back harder. That's why there will be 104 per cent tariffs going into effect on China tonight at midnight," White House press secretary Karoline Leavitt said.
But Ms Leavitt suggested Mr Trump believes Beijing wants to negotiate on the tariffs.
The Dow Jones Industrial Average dropped 389 points – or 1.1 per cent – after being up more than 1,100 points earlier in the day. The S&P 500 and Nasdaq Composite also built on losses, falling 1.57 and 2.15 per cent, respectively.
In a social media post earlier on Tuesday, Mr Trump said he had a “great call” with South Korea's acting president Han Duck-soo about the country's trade surplus, tariffs and shipbuilding, among other topics. He added that the administration is also dealing "with many other countries".
Other so-called reciprocal tariffs were set to go into effect on Wednesday including 20 per cent on goods from the EU, 26 per cent on India, 25 per cent on South Korea, 24 per cent on Japan and 10 per cent on the UK.
Markets in Europe staged a modest rebound, halting dramatic losses after the US tariffs sparked their worst four-day drop since the pandemic.
The Stoxx Europe 600 index was up by 2.72 per cent on Tuesday as defence, travel and industrial shares improved. The tariffs had wiped about $1.7 trillion off the benchmark European index.
Germany's Dax, Britain's FTSE 100 and France's Cac 40 were also up by more than two per cent as markets calmed, having dropped several points on Monday. European leaders have sought to cool trade tensions after Mr Trump imposed tariffs on friend and foe alike.
European Commission President Ursula von der Leyen spoke to Chinese Premier Li Qiang on Tuesday to warn against escalating a trade war. Ms von der Leyen “called for a negotiated resolution to the current situation, emphasising the need to avoid further escalation”, her office said.
EU trade ministers indicated readiness to introduce counter-measures such as taxes on US digital giants. Britain has drawn up a 417-page list of possible products that could face tariffs if Prime Minister Keir Starmer decides to hit back at US goods.
The rebound in Europe followed more positive trading sessions in Asia. Investors were trying to gauge whether the market has reached a trough, or if they should brace for further pain.
Tokyo markets were up more than six per cent after Japanese Prime Minister Shigeru Ishiba held talks with Mr Trump. Hong Kong gained more than one per cent but was well short of recouping Monday's losses, its worst since 1997.
Killing of Qassem Suleimani
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Zayed Sustainability Prize
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
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Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
PAKISTAN v SRI LANKA
Twenty20 International series
Thu Oct 26, 1st T20I, Abu Dhabi
Fri Oct 27, 2nd T20I, Abu Dhabi
Sun Oct 29, 3rd T20I, Lahore
Tickets are available at www.q-tickets.com
Mohammed bin Zayed Majlis
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Killing of Qassem Suleimani
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The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
INFO
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