SP500 sinks 4% after Trump's liberation day tariffs, China vows to retaliate on Trump's 54% tariffs, stoking investor fears of a global trade war and recession

It's been noted that the US retaliatory tariffs are not based on other country's tariffs, but rather the import/export trade deficit that the US has with said countries

SP500 is down 4% with consumer tech (Apple), apparel and clothing (Nike and Lululemon), and retail (Dollar General and Walmart) that source many products and parts from China down / hit the hardest

China and other countries are vowing to retaliate with their own tariffs against the US sparking fears of a global trade war and recession.

Noting the last time the US enacted sweeping tariffs through the Smoot-Harwley Tariff Act (which had lower average tariff amounts that those announced yesterday), it lead to a global trade war, reducing exports/exports, failed to bring back manufacturing jobs to the US, and caused the Great Depression. Will history repeat itself?

[https://www.ft.com/content/f820e191-348c-4298-b15f-49600be843ce](https://www.ft.com/content/f820e191-348c-4298-b15f-49600be843ce)

[https://www.china-briefing.com/news/trump-raises-tariffs-on-china-to-54-overview-and-trade-implications/](https://www.china-briefing.com/news/trump-raises-tariffs-on-china-to-54-overview-and-trade-implications/)