The S&P 500 turned higher after falling more than 1.6 per cent. The Nasdaq's loss narrowed to 0.7 per cent and the Dow is now up 0.7 per cent.

President Donald Trump will announce his reciprocal tariff policy at an event in the White House Rose Garden on Wednesday, White House press secretary Levitt said. According to Levitt, Trump's announcement will focus on ‘country-based’ tariffs, but he also ‘promised’ to implement industry tariffs at another time. Levitt said members of Trump's cabinet would attend the announcement. ‘The president will announce a tariff plan that will reverse the unfair trade practices that have been exploiting our country for decades,’ Levitt said. ‘It's time to reciprocate, it's time for the president to take a historic change and do the right thing for the American people.’