US President Donald 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.

Trump's punishing tariffs have shaken a global trading order that has persisted for decades, raised fears of recession and driven worldwide stocks sharply downward.

The S&P 500 has shed nearly US$6 trillion in value 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.

The White House has made clear that country-specific tariffs of up to 50 percent would take effect at 0401 GMT as planned. Those tariffs will be especially steep for China, as Trump has ratcheted up duties on its imports to 104 percent in response to counter-tariffs Beijing announced last week.

China has refused to bow to what it called blackmail and has vowed to fight to the end.

White House press secretary Karoline Leavitt told a news briefing on Tuesday that President Trump believed China wanted to make a deal with the United States concerning additional tariffs.

"The Chinese want to make a deal. They just don't know how to do it," Leavitt said.

"He believes China has to make a deal with the United States." If China reaches out, she added, Trump would be "incredibly gracious, but he's going to do what's best for the American people."

Meanwhile, Canadian Prime Minister Mark Carney said his country's 25 percent tariff on some vehicles - a countermeasure to match Trump's approach - would take effect immediately after midnight local time.

"President Trump caused this trade crisis - and Canada is responding with purpose and with force," Carney said on X.

Canada and Mexico were exempt from the new round of tariffs Trump announced last week, but previous levies remained in place. Most goods that comply with the existing trade agreement between the three countries are not subject to those tariffs. (Reuters)
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Last updated: 2025-04-09 HKT 12:12