Overview

• President Trump’s newly announced tariffs include a baseline 10% on all imports and up to 54% on Chinese goods, marking the largest U.S. tax hike since World War II.
• China responded with 34% tariffs on all U.S. imports, export controls on rare earth materials, and a WTO lawsuit, intensifying trade tensions.
• Global stock markets have lost over $3 trillion in value, with major indices experiencing their worst declines since the COVID-19 pandemic.
• Economists warn of heightened recession risks, with JPMorgan raising the likelihood of a global recession in 2025 to 60% due to the economic fallout.
• Consumer prices are expected to rise significantly as businesses face higher costs, with goods like vehicles and electronics projected to see steep price increases.