President Trump's recent tariff announcement has caused a sharp decline in the U.S. stock market, signaling potential economic fallout from escalating trade tensions. The Dow Jones fell over 1,200 points in reaction, and global markets reported similar declines. Starting this weekend, a minimum 10% tax will be imposed on near all imports, with higher tariffs on specific goods. Economists predict these tariffs will hike prices and slow growth in the U.S., while pushing some international economies towards recession, significantly altering trade relationships.
"This is a game changer, not only for the U.S. economy but for the global economy," Olu Sonola of Fitch Ratings wrote in a research note.
"We're going to produce the cars and ships, chips, airplanes, minerals and medicines that we need right here in America," Trump said Wednesday in the White House Rose Garden.
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