Premarket: Global stocks plummet as Trump’s tariffs on China take effect

News Snapshot:

Global markets were pummeled on Wednesday as President Donald Trump’s eye-watering 104% tariffs on China took effect, and a savage selloff in U.S. bonds sparked fears that foreign funds were fleeing U.S. assets. This week has brought crisis-era volatility to markets, wiping off trillions of dollars in value from stocks and hitting commodities and emerging markets with force. At the epicenter of the rout on Wednesday were U.S. Treasuries and the dollar, effectively the backbone of the global financial system. Many now fear Trump’s wide-ranging tariffs will be severe enough to trigger a recession and force the Federal Reserve into...