US stocks fall as White House confirms 104 per cent tariffs on China

ISTANBUL: United States (US) stocks closed lower on Tuesday as trade tensions escalated following the White House's confirmation that tariffs on Chinese goods would more than double, Anadolu Ajansi (AA) reported.

The United States (US) will impose a 104 per cent tariff on China beginning Wednesday, the White House announced.

Apple shares, which had gained more than 4 per cent earlier in the day, ended nearly 5 per cent lower.

The iPhone maker has now lost over 22 per cent in the past four trading days, amid growing concerns over tariffs -- most iPhones are manufactured in China.

The Dow Jones Industrial Average fell 0.84 per cent, or 320.01 points, to close at 37,645.59.

The CBOE Volatility Index (VIX), often referred to as the "fear index," surged 11.39 per cent to 52.33.

In a related development, Trump posted on social media Tuesday that he had a "great call" with the acting president of South Korea.

"There can be permanent tariffs and there can also be negotiations," Trump said during a press conference on Monday.

He also said Japanese Prime Minister Shigeru Ishiba had assured him in a phone call that Japan would send a "top team to negotiate."

Trump said "tough but fair parameters" are being set and urged Japan to increase purchases of American cars, agricultural goods, and "many other 'things'."

-- BERNAMA