Reported about 8 hours ago
President Trump's recent imposition of significant tariffs, dubbed the 'Liberation Day', has triggered a sharp downturn in the economy, reminiscent of historical policy blunders like the Smoot-Hawley tariff. Analysts warn that these tariffs are leading to lower profits, higher inflation, and rising unemployment, ultimately harming the US economy that was previously recovering well from the COVID-19 pandemic. With retaliatory measures from trading partners, particularly China, the likelihood of a recession looms larger, as Trump's stance on trade deficits continues to provoke concern among experts.
Source: YAHOO