ISTANBUL
US stocks opened Wednesday up even though the EU and China announced retaliatory tariffs against the US.
On April 2, US President Donald Trump announced the imposition of sweeping tariffs on over 180 countries, ranging from 10% to 50%.
China on Wednesday raised additional tariffs on all US imports to 84%, further escalating the trade war with Washington, after US President Donald Trump launched a flurry of tariffs on allies, as well as rivals.
The US raised tariffs on Chinese imports to 104%, effective today.
“The US escalation of tariffs against China is a mistake on top of a mistake; it seriously infringes upon China’s legitimate rights and interests and gravely undermines the rules‑based multilateral trading system,” said the Chinese State Council’s Customs Tariff Commission, according to the state-run Global Times.
EU member states voted Wednesday in favor of European Commission trade countermeasures against new US tariffs entering into force next week.
The countermeasures will go into force next Tuesday, the commission said.
The moves are expected to impact many imports such as motorcycles, agriculture, and clothing worth €21 billion ($23 billion).
The Dow Jones Industrial Average gained 148.33 points, or 0.39%, to 37,793.92 as of 9.55 am EDT (1355GMT).
The S&P 500 was up 34.86 points, or 0.72%, to 5,020.74. The Nasdaq composite increased 244.91 points, or 1.5%, to 15,499.87.
The VIX volatility index, also called the “fear index,” fell to 49.52.
