U.S. stock futures were down sharply again on Wednesday after China announced retaliatory tariffs on U.S. goods in the latest escalation of global trade tensions. Dow Jones Industrial Average futures dropped 906 points, or 2.4%. S&P 500 futures slid 2.1%, and Nasdaq-100 futures declined 1.7%. China announced it will impose an 84% levy on U.S. goods starting Thursday. This comes after U.S. tariffs of 104% on Chinese imports took effect shortly after midnight. Stock futures extended their losses Wednesday morning after Scott Bessent stated the Chinese government doesn’t “want to come and negotiate.” “They are the worst offenders in the international trading system. … I can tell you that this escalation is a loser for them,” Bessent told Fox Business News. Apple shares declined as much as 2% in the premarket. Ford Motor also fell more than 2%, while General Motors shed 1%. U.S. tariffs on imports from other countries also took effect. Canada reconfirmed Tuesday plans to put into effect 25% retaliatory tariffs on U.S.-made vehicles. This includes vehicles that aren’t compliant with the United States-Mexico-Canada Agreement, in addition to non-Canadian and non-Mexican content of USMCA-compliant fully assembled vehicles brought into Canada from the U.S. “Our base case is tariffs will, over time, drift lower than today’s level but stay off the charts – at the highest levels of our lifetimes,” Piper Sandler analyst Andy Laperriere wrote on Tuesday. “They are more likely to go higher in the near-term, though there could be some deals (probably minor ones) in the near term, too.” Anxiety around the rollout of the tariffs has fueled a four-day rout for stocks. The volatility continued on Tuesday, with the S&P 500 up more than 4% at one point before ending the day with a loss of 1.6%. The 30-stock Dow climbed 3.9% at its high for the day but ultimately fell 0.8% at the end of trading. The broad market index is nearly 19% off its record high. Over the course of four days, the Dow has lost more than 4,500 points, while the S&P 500 has sustained a 12% loss. The Nasdaq Composite is down more than 13% in that period. The worries have rattled bond markets too. The benchmark 10-year Treasury note yield spiked more than 10 basis points higher to 4.37% on Wednesday. Earlier in the week, it hit a low below 4%. The bond market — not a plunging stock market — is the talk of Wall Street with prices tumbling and yields spiking, unusual action during times when fears of a recession are growing where fixed income is typically considered a reliable safe haven. The 10-year Treasury yield jumped 19 basis points to 4.45% and at one point overnight climbed above 4.51%. The yield has rebounded through where it was the day before President Donald Trump’s tariff plan was unveiled last Wednesday and is currently at the highest since February. The 30-year Treasury yield hit a high of 5.02% overnight, a level not seen since November 2023. Asia-Pacific markets fell on Wednesday as U.S. President Donald Trump’s country-specific tariffs comes into effect. Australia’s S&P/ASX 200 slid 1.8% to close at 7,375. Japan’s Nikkei 225 lost 3.93% to end the trading day at 31,714.03, while the Topix traded 3.4% lower to end at 2,349.33. South Korea’s Kospi edged 1.74% lower to 2,293.7. The benchmark has lost over 20% from its July high, confirming a bear market. The small-cap Kosdaq closed 2.29% lower. Hong Kong’s Hang Seng Index climbed 0.68% to close at 20,264.49, while the Hang Seng Tech Index added 2.64%. China’s CSI 300 rose 0.99% to close at 3,686.79. U.S. crude oil futures fell more than 6% on Wednesday, as China slapped retaliatory tariffs on the U.S. after President Donald Trump’s sweeping levies took effect. The U.S. benchmark dropped $4.01, or 6.7%, to $55.57 per barrel by 7:53 a.m. ET. Global benchmark Brent tumbled $4.04, or 6.4%, to $58.78. The oil sell-off took a leg lower after Beijing announced tariffs of 84% on U.S. goods in response to Trump’s levies. China’s tariffs take effect on April 10. Gold prices firmed on Wednesday as traders sought the safe-haven asset after U.S. President Donald Trump’s “reciprocal” tariffs came into effect, while a weaker dollar and the rising prospect of U.S. rate cuts lent support. Spot gold rose 2.1% at $3,047.68 an ounce, as of 0819 GMT. U.S. gold futures gained 2.5% to $3,066.20. The U.S. dollar index fell 0.4%, making greenback-priced gold cheaper for overseas buyers.