As of 3:00 PM Lisbon time, the Dow Jones index rose by 0.17% to 37,700.00 points, and the tech-heavy Nasdaq climbed 1.17% to 15,446.68 points.
Meanwhile, the broad-based S&P 500 index was up 0.75%, sitting at 5,020.50 points.
Earlier today, the United States imposed so-called ‘reciprocal tariffs’ on its trading partners.
In response, China announced plans to raise customs duties on U.S. products from 34% to 84%. This decision follows an additional tariff of 50% announced by President Trump on Tuesday, bringing the total duties on Chinese products to 104%, thereby intensifying the trade war between the world’s two largest economies.
The Chinese Ministry of Finance stated that the new tax will take effect on Thursday and described the move as a countermeasure to the U.S.’s “repeated mistake” of increasing tariffs against China.
The European Union also approved, by a majority, the implementation of 25% tariffs on American products today in retaliation for U.S. tariffs on European steel and aluminum. European sources confirmed that these tariffs will begin on April 15, the upcoming Tuesday.
