Trump's 'reciprocal' tariffs kick in

President Donald Trump's "reciprocal" tariffs on dozens of countries kick off this week, including nearly double duties on Chinese goods, deepening his global trade war even as he prepared for negotiations with some nations.

- JOE CASH TREVOR HUNNICUTT

Trump's punishing tariffs, have shaken a global trading order that has persisted for decades, raised fears of recession and sent stocks around the world reeling.

The S&P 500 has shed nearly $6 trillion since Trump announced the tariffs a week ago, the deepest four-day loss since the benchmark's creation in the 1950s. The index is nearing a bear market, defined as 20% below its most recent peak.

A sell off across Asian markets resumed yesterday with Japan's Nikkei down more than 3%, South Korea's currency hitting a 16-year low and government bonds suffering heavy losses as investors fled for the safety of cash. US stock futures also pointed to a fifth straight day of losses on Wall Street.

Trump has offered investors mixed signals about whether the tariffs will remain in the long term, describing them as a "permanent" tool but also hoping that they are pressuring other leaders to ask for negotiations.

"We have a lot of countries coming in that want to make deals," he said at a White House event on Tuesday afternoon. He said at a later event that he expected China to pursue an agreement as well.