An early rally on Wall Street faded and the S&P 500 ended the day down 1.6 percent after the White House reaffirmed plans to impose high tariffs on China and other countries at midnight.

© Ashley Gilbertson for The New York Times

The loophole has allowed retailers to send goods from China directly to U.S. shoppers without paying tariffs. Closing it could raise consumer prices.

Markets around the world have wavered as fear and uncertainty over tariffs and trade wars rattle investors. The S&P 500 just recorded its worst month since 2022, shedding 5.8 percent in March.

The lawsuit by the director and journalists is the latest legal challenge to the administration’s bid to dismantle the government-funded broadcaster.

The S&P 500 is nearly 10 percent below its mid-February record — approaching a symbolic milestone known on Wall Street as a correction.

The S&P 500 is nearly 10 percent below its mid-February record — approaching a symbolic milestone known on Wall Street as a correction.

The S&P skidded 2.7 percent, amid investor fears that tit-for-tat tariffs could raise prices, slow the economy and sow uncertainty among businesses.

Trade wars during President Trump’s first term slashed billions of dollars in U.S. agricultural exports. Farmers and trade groups expect an even bigger hit this time.

Business owners told The Times that President Trump’s tariffs could lead to higher costs and expressed frustration at the sudden uncertainty about policy.