US stocks close with losses after White House confirms 104% tariffs on China

US stocks ended Tuesday lower with the trade war heating up as the White House confirmed tariffs that would more than double the price of goods from China."There will be 104% tariffs going into effect on China tonight at midnight," spokeswoman Karoline Leavitt told reporters Tuesday.President Donald Trump believes China "has to make a deal" with the US, Leavitt said. "It was a mistake for China to retaliate."If China reaches out to make a deal, she said Trump will be "incredibly gracious."On Monday, Trump said that he would hit China with 50% additional tariffs if it does not withdraw its 34% retaliatory tariffs against the US.Earlier in the day, before the White House statements, stocks gained as hopes rose for the US to reach tariff deals with several countries.Trump posted on social media Tuesday that he had a “great call” with the acting president of South Korea, and that China “also wants to make a deal badly.”“There can be permanent tariffs and there can also be negotiations,” Trump also told a Monday press conference.Trump also said Japanese Prime Minister Shigeru Ishiba told him in a phone call that they are sending a “top team to negotiate.” He said “tough but fair parameters” are being set and urged Japan to buy more American cars, agricultural products, and “many other ‘things’.”After rising more than 4% earlier Tuesday, Apple shares ended the day nearly 5% lower. The iPhone producer has lost over 22% in the last four trading days after the imposition of Trump's tariffs. Most iPhones are made in China.The Dow fell 0.84%, or 320.01 points, to close the day at 37,645.59.The S&P 500 slipped 1.57%, or 79.48 points, to close at 4,982.77. The Nasdaq composite fell 2.15%, or 335.35 points, to 15,267.91.The VIX Index, also known as the “fear index," rose 11.39% to 52.33.(Footage by Lokman Vural Elibol /Anadolu Agency via Getty Images)