By Sinéad Carew and Shashwat Chauhan

(Reuters) – The New York Stock Exchange ended up on Tuesday after a volatile session, when it had progressed at the start of the day against the backdrop of hopes, finally disappointed, that the administration of the American president Donald Trump would grant reports or concessions about customs duties.

The Dow Jones index sold 0.84%, or 320.01 points, to 37,645.59 points.

The wider S & P-500 lost 79.48 points, or 1.57%, at 4,982.77 points.

The Nasdaq Composite fell on its side from 335.35 points (2.15%) to 15,267.91 points.

The S & P-500 has descended below the 5,000-point threshold for the first time in almost a year, despite initial gains, and A is almost 19% of its closing record on February 19.

After three consecutive sessions of unprecedented fall to Wall Street from the Cavid pandemic, investors displayed signs of hope in the morning, wanting to believe that Donald Trump would soften his commercial policy a few hours before the entry into force, scheduled for Wednesday at 4:01 GMT, so -called “reciprocal” taxes.

But the White House pointed out in the afternoon that the American president would not back down and that customs duties would be imposed as planned, also aware that nearly 70 countries had contacted Washington to open trade negotiations.

Confirming the escalation of the trade war with Beijing, the American administration also announced that additional customs duties – for a total of 104% – were going to be imposed on products from China, whose government had said on Tuesday morning that it would fight against the “blackmail” of the United States.

The market participants were “optimistic this morning on the fact that we would have a signal form indicating that we are approaching an agreement or a compromise with certain major countries, or that there would be a postponement (customs duties) given the large number of people wishing to negotiate,” commented Lindsey Bell, strategist of Clearnomics, in New York.

“This does not really seem to be the case, when we quickly approach midnight (Wednesday 04:00 GMT) and investors lose confidence,” he added.

The American representative on trade, Jamieson Greer, said that the Trump administration did not consider a change in short -term strategy and that no ex -customs exempt was expected immediately.

According to Melissa Brown, director of investments at Simcorp, “people wanted to be optimistic but at some point understood that there was no valid reason”.

“The quarterly results will start to be published in the coming days. Even if they are not down sharply in the first quarter, there should be many business comments about the expected impact of customs duties,” she also said.

Several major American banks will give the results season to start the weekend.

At the start of the session, at 36.48 points, the CBOE volatility index, considered to be the indicator of the level of fear at Wall Street, climbed again to set up at 52.33 points, a closing peak since March 2020.

Concerns about the harmful impact of American customs duties on prices and global growth have fueled the hope that the American Federal Reserve (FED) will carry out rate decreases.

But the president of the Fed of San Francisco, Mary Daly, said on Tuesday afternoon that the central bank should not rush to review her monetary policy, citing the solidity of the American economy and the still thick vagueness surrounding the repercussions of the new policies of the Trump administration.

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(Written by Jean Terzian)

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