Overview

• President Donald Trump’s tariffs on all U.S. imports, ranging from 10% to 50%, officially took effect, with higher rates on specific countries set for April 9.
• Global financial markets have experienced sharp declines, with U.S. indices nearing bear market territory and Asian and European markets suffering historic losses.
• China has imposed retaliatory 34% tariffs on all U.S. imports, while the European Union is finalizing countermeasures targeting $28 billion in U.S. goods.
• Economists warn of heightened recession risks, with predictions of U.S. GDP contraction and rising unemployment in the coming quarters.
• The Trump administration remains firm on the tariffs, describing them as necessary to reset global trade practices despite mounting economic and political pressure.