Overview

• President Trump has enacted a 10% baseline tariff on all imports, with higher rates for countries like China, Vietnam, and the EU, marking a major shift in U.S. trade policy.
• Global financial markets have experienced their worst declines since 2020, with $2.5 trillion wiped off Wall Street as fears of a recession grow.
• Canada and other nations have retaliated, with Canada imposing a 25% tariff on U.S.-made vehicles, escalating trade tensions further.
• The tariffs have disrupted global supply chains and led to layoffs, including 900 Stellantis workers in the U.S., while raising concerns of higher consumer prices.
• Economists and critics warn of long-term harm to global trade stability, while the White House defends the policy as necessary to revive U.S. manufacturing.