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A stock market rally fueled by optimism over US trade deals faltered Tuesday, with major indexes closing lower. The Dow fell over 300 points, reversing an earlier surge. This downturn follows President Trump's announcement of a call with South Korea regarding tariffs and trade, and the implementation of new tariffs on Chinese goods due to China's failure to remove retaliatory tariffs. The White House stated that these new tariffs, totaling 104%, took effect Tuesday, with collections starting Wednesday. The administration emphasized its stance on securing trade deals beneficial to American workers.

Prepared by Christopher Adams and reviewed by editorial team.