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This selloff coincides with an impending trade policy shift, as President Trump confirmed that his administration's higher tariffs—affecting nearly 90 countries—will come into effect on Wednesday. The atmosphere of uncertainty is palpable, as investors brace for the effects of these tariffs on global trade dynamics.

The Trade War Escalates

The ongoing trade war between the United States and China is intensifying, with both nations implementing counter-tariffs. Just last Friday, China retaliated by imposing a 34% tariff on all U.S. goods, which has exacerbated the situation and escalated tensions. President Trump maintains that the United States has a staggering $1 trillion trade deficit with China and insists on rectifying this imbalance.