Analysts are cautioning that new tariffs imposed by President Trump could significantly impact both the US economy and the global market. The tariffs range from 10% to 49%, raising fears of escalating tensions and potential recession. European leaders have responded critically, with Ursula von der Leyen highlighting dire consequences for the vulnerable populations. The UK, while reaffirming its closeness to the US, seeks to mitigate the tariff impact through negotiations. Business leaders and experts emphasize that prolonged tariffs may invalidate existing economic forecasts and destabilize trade relations.
"This is a game changer, not only for the US economy but for the global economy. You can throw most forecasts out the door if this tariff rate stays on for an extended period of time," said Olu Sonola, Fitch Ratings' head of US Economic Research.
"The consequences will be dire for millions of people around the globe," said Ursula von der Leyen, European Commission President, regarding the new tariffs. "This is hurting, in particular, the most vulnerable citizens."
"Nobody wants a trade war and our intention remains to secure a deal," Secretary of State for Business and Trade Jonathan Reynolds stated amid new tariffs. "But nothing is off the table and the government will do everything necessary to defend the UK's national interest."
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