President Donald Trump just ignited a direct showdown with the one nation that might be able to beat the United States in a trade war.

President Trump's tariffs on imports from dozens of countries came into force Wednesday, including 104% on goods from China, dramatically ramping up a potential global trade war.

From just past midnight local time (05:01 BST), China will face 104% tariffs from the US, after refusing to dial back on their own retaliatory action. The rest of Trump's "reciprocal" tariffs will also go ahead, directly impacting about 60 countries and territories

Business owners say the rapid change in US trade policy, including major tariffs on China, has left operations in flux.

President Donald Trump's "reciprocal" tariffs on dozens of countries were set to take effect on Wednesday, including massive 104% duties on Chinese goods, deepening his global trade war even as he prepared for negotiations with some nations.

U.S. Trade Representative Jamieson Greer told U.S. senators on Tuesday that President Donald Trump's administration will not change tactics on tariffs in the near term and warned that some pain for businesses will be necessary to bring home manufacturing jobs.

Delegations from Japan and South Korea are en route. Italy’s prime minister will be in Washington next week. And Israel’s “proactive approach” to seeking out new US trade agreements could serve as a model for everyone,

With the S&P 500 nearing a bear market, shares in Asia decline as China and other major U.S. trading partners await the start of significantly higher tariffs.

Across Wall Street, 44 publicly traded companies were upgraded Tuesday to an equivalent rating of "buy" or "neutral."