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Business & Economy

Business & Economy

The Big Story

GOP mood grows darker on as markets give up gains

Glimmers of optimism surrounding President Trump’s tariffs quickly faded Tuesday as the White House dug in on the threat of new levies.

© Greg Nash

As the markets erased their small morning gains, Republican lawmakers grew increasingly frustrated with what they see as mixed messages coming from administration officials.

The mood early Tuesday was more upbeat than in recent days as the market showed signs of life for the first time in days on the heels of Treasury Secretary Scott Bessent saying Trump is ready to negotiate with trading partners.

Trump helped matters by saying he had a “great call” with acting South Korean President Han Duck-soo and that South Korean officials are traveling to the U.S., while Bessent said Japanese and Vietnamese officials are also ready to strike deals.

That feeling did not last.

Trump doubled down on adding 50 percent tariffs on top of the 54 percent rate he announced for China last week, bringing the tariff set to hit at 12:01 a.m. EDT Wednesday to 104 percent and escalating the trade war between the two nations.

The Dow Jones Industrial Average fell more than 300 points, with the S&P 500 and the Nasdaq composite each posting losses in excess of 1.5 and 2 percent, respectively.

Read more here.

Welcome to The Hill’s Business & Economy newsletter, I'm Aris Folley — covering the intersection of Wall Street and Pennsylvania Avenue.

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