What was a massive rally on Wall Street turned into yet another sizeable decline.<br /><br />Cheap stocks and hope for signs of trade negotiation sent markets surging Tuesday morning — but that relief rally evaporated as the White House said it would levy enormous tariffs on China.<br /><br />US stocks tumbled solidly into the red in the afternoon. The Dow fell 320 points, or 0.84%. The broader S&P 500 fell 1.57%. The tech-heavy Nasdaq Composite slid 2.15%. The S&P 500 closed at its lowest level in almost a year. The Dow and Nasdaq both closed at their lowest level since January 2024.<br /><br />Markets fell because President Donald Trump is set to impose an additional 84% in levies across all Chinese imports on Wednesday, White House Press Secretary Karoline Leavitt announced Tuesday. That will mean all goods from the country are subject to a tariff of at least 104%.<br /><br />The S&P 500 and Nasdaq, which had surged as much as 4% and 4.5%, respectively, Tuesday morning, tumbled midday as Leavitt spoke to reporters. The loss for the Dow comes after the blue-chip index surged as much as 3.85% on Tuesday morning
