New Delhi, April 9 -- President Donald Trump's 'reciprocal' tariffs on dozens of countries took effect on Wednesday, including unprecedented 104 per cent duties on Chinese goods, intensifying a global trade conflict as his administration prepares for negotiations with some nations.

These punitive measures have disrupted long-established global trading norms, sparked recession concerns, and triggered significant market downturns worldwide.

The S&P 500 has lost nearly USD 6 trillion in value since Trump announced the tariffs last week, marking the deepest four-day decline since the index's inception in the 1950s.

The benchmark is approaching bear market territory, defined as 20 per cent below its most recent peak.

Asian markets continue...