Trump's SHOCKING Global Trade War: Tariffs Slam ALL Countries!

2025-04-03 06:00:55.867

President Donald Trump declared a US economic emergency and announced tariffs of at least 10% across all countries, with rates even higher for 60 countries or trading blocs with high trade deficits with the US. Auto tariffs are now in effect. China, the second top exporter to the US, will face a 54% tariff and has threatened countermeasures. Canada and the EU are also preparing countermeasures. Global markets fell sharply after the announcement, and gold hit a record high. Economists fear the tariffs could lead to a global recession. The tariffs impact various countries differently. Australia, for example, will see its beef exports affected, while Taiwan's semiconductor industry is exempted from the 32% tariff imposed on other Taiwanese goods. South Korea faces a 25% tariff, adding to its political turmoil. The EU called the tariffs a "major blow to the world economy" and is preparing countermeasures. Japan expressed regret but did not announce immediate retaliation, citing its reliance on US security guarantees. New Zealand ruled out reciprocal tariffs but is disputing the US's claim of 20% tariffs on US goods. Asian markets tumbled, with Japan's Nikkei 225 index falling nearly 4%. The calculation of the tariff rate is questioned, with analysts suggesting a simple calculation was used rather than a true reciprocal measure. The tariffs are expected to significantly impact American consumers, with car prices potentially rising substantially. JPMorgan analysts predict a US and global recession in 2025 if the tariffs remain. Several countries, including China, South Korea, and Australia, have responded to the tariffs, with China vowing countermeasures and South Korea holding an emergency meeting. Treasury Secretary Scott Bessent compared tariff policy to a "shrinking ice cube," suggesting that tariff revenue will decrease as domestic production increases. Economists express concerns about the potential for recession, with some describing the tariffs as "very wrongheaded" and "self-harm." The Business Roundtable warned of potential harm to American manufacturers, workers, and exporters. The American Petroleum Institute welcomed the exclusion of oil and natural gas from the tariffs, which saw oil prices drop 3%. Australian Prime Minister Anthony Albanese condemned the tariffs as "totally unwarranted" and announced emergency funding support for affected industries.