Stock market gains made late Monday and early Tuesday fizzled by Tuesday afternoon as the White House levied more tariffs on China.
The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average surged early, but their gains largely disappeared by Tuesday afternoon. The S&P 500 ended about 0.2% up on the day and the Nasdaq at around 0.4% up. The Dow Jones is up just 0.2% after jumping by over 1,300 points earlier in the day, according to Yahoo Finance.
The United States and China escalated a trade war on Tuesday. The Trump administration previously planned to increase tariffs on China by 34% on Wednesday because of the “Liberation Day” duties Trump had announced last week. On Tuesday, the White House announced that it is planning an additional 50% hike on Chinese goods after Beijing threatened its own tariffs in response.
“Countries like China, who have chosen to retaliate and…
