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.
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
COMPANY%20PROFILE
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LA LIGA FIXTURES
Saturday (All UAE kick-off times)
Valencia v Atletico Madrid (midnight)
Mallorca v Alaves (4pm)
Barcelona v Getafe (7pm)
Villarreal v Levante (9.30pm)
Sunday
Granada v Real Volladolid (midnight)
Sevilla v Espanyol (3pm)
Leganes v Real Betis (5pm)
Eibar v Real Sociedad (7pm)
Athletic Bilbao v Osasuna (9.30pm)
Monday
Real Madrid v Celta Vigo (midnight)
UAE currency: the story behind the money in your pockets
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
MATCH INFO
Newcastle 2-2 Manchester City
Burnley 0-2 Crystal Palace
Chelsea 0-1 West Ham
Liverpool 2-1 Brighton
Tottenham 3-2 Bournemouth
Southampton v Watford (late)
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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
Killing of Qassem Suleimani
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Company%20profile
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now