White House announces tariff hike on China to 104%; indices erase gains 🔔✂️

White House spokesperson Levitt stated that the U.S. has just imposed an additional 50% tariff on China, raising total tariffs to a record-high 104%. Additional trade restrictions are set to take effect tomorrow, April 9th.

This information aligns with yesterday's statements from Trump, when he threatened an extra 50% tariff on imports from China if Beijing did not withdraw the 34% retaliatory tariffs announced on Friday by the end of today. China has declared that it will "fight to the end," refusing to make concessions and signaling readiness to implement retaliatory measures. Yesterday, Trump also announced on the Truth Social platform the termination of trade talks with China and the cancellation of planned meetings. As a result, the White House has just announced the execution of these earlier threats and the implementation of record-high 104% tariffs on Chinese imports.

In reaction to this news, US100 and other futures representing Wall Street indices have lost value, clearly trimming the significant gains from earlier today.

US500 is falling toward the 200-period exponential moving average on the H1 timeframe. This level may serve as key support for today’s bullish momentum. Source: xStation