Trump's "reciprocal" tariffs on dozens of countries took effect on Wednesday, including massive 104 percent duties on Chinese goods, deepening his global trade war even as he prepared for negotiations with some nations,
France 24 reports.
Trump's punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and sent stock markets around the world reeling.
The S&P 500 has shed nearly $6 trillion since Trump unveiled the tariffs a week ago, the deepest four-day loss since the benchmark's creation in the 1950s. The index is now nearing a bear market, defined as 20 percent below its most recent high.
A sell-off across most Asian markets resumed on Wednesday with Japan's Nikkei down 3 percent, South Korea's currency hitting a 16-year low and government bonds suffering heavy losses as investors dashed for the safety of cash.
European and US stock futures pointed to more pain ahead.
Chinese stocks held firm, however, as state support propped up the ailing market.
Trump has offered investors mixed signals about whether the tariffs will remain in the long term, describing them as "permanent" but also boasting 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.
