Stock markets: Donald Trump hikes China tariffs to 145% in bombshell move

The White House announced US tariffs on now amount to a whopping 145%. As the trade war between Beijing and Washington worsens by the hour, Donald Trump's office said tariffs on China were

However, officials told , this rate needs to be added to the 20% fentanyl-related tariff already slapped on China by the Trump administration. This comes as the S&P 500 has dropped 2.8% following the opening of US markets. The tech-heavy Nasdaq Composite tumbled 3.5% and the Dow Jones Industrial Average fell almost 1,000 points, or 2.2%. Meanwhile, in London the made early gains, surging nearly 6% on opening, while Asian markets also reacted positively to the news. Japan's Nikkei rose 8.2%, and the Hang Seng Tech Index gained 3.1%.

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