Trade Partnership Worldwide reports a steep estimate of $714 billion in new tariffs based on Census data, indicating varied impacts across countries. The consequences of these tariffs are expected to heavily affect companies and consumers, resulting in reduced consumer sentiment and increasing inflation. The stock market is experiencing declines, highlighting economic instability linked to these policies. Even President Trump has acknowledged the potential for recession due to his trade strategies, yet he remains open to implementing additional trade actions, signaling ongoing complexities in international trade relations.
As companies and consumers will largely bear the higher cost of importing goods, Mr. Trump's trade policies could come with a large economic toll.
Consumer sentiment has begun to fall, inflation is expected to rise, and global stocks have been plunging.
Even Mr. Trump has suggested that his policies could cause a recession.
Mr. Trump suggested on Wednesday that more trade actions could follow.
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