U.S. says 104% tariffs on China are set to kick in Wednesday

The United States said on Tuesday that 104% duties on imports from China will take effect shortly after midnight, even as the Trump administration moved to quickly start talks with other trading partners targeted by President Donald Trump‘s sweeping tariff plan.

U.S. stocks retreated on the news. Global markets had previously posted gains on hopes that Trump might be willing to negotiate down the array of country and product-specific trade barriers he is erecting around the world’s largest consumer market.