Overview

• President Trump's tariffs on steel, aluminum, and goods from key trading partners have heightened fears of a trade war and recession, impacting global markets and economic forecasts.
• U.S. stock markets entered correction territory, with the S&P 500 down 10% from its February peak, reflecting declining consumer confidence and uncertainty over trade policies.
• The Federal Reserve is anticipated to maintain its current interest rate at Wednesday's meeting, as officials weigh inflation pressures against a slowing economy.
• Treasury Secretary Scott Bessent acknowledged the possibility of a recession but described market corrections as 'healthy' and defended the administration's long-term economic strategy.
• U.S. consumer spending has shown resilience, providing some stability to the economy, even as business activity weakens due to tariff-related disruptions.