Overview

• President Trump implemented a 10% baseline tariff on all imports, with higher 'reciprocal' tariffs up to 50% set to take effect on April 9.
• Global stock markets have experienced historic losses, with Asian indices suffering their worst declines since the 2008 financial crisis.
• China has retaliated with a 34% tariff on U.S. imports, while the EU is preparing countermeasures targeting $28 billion in American goods.
• Over 50 countries are negotiating with the U.S. for tariff exemptions, but the Trump administration remains firm on its trade policy.
• Economists warn that the tariffs could lead to a global recession, with predictions of U.S. GDP contraction and rising unemployment later this year.