As the world’s largest economy, the United States has always been a major player in global trade. But on Saturday, the country made a dramatic shift, imposing new tariffs on nearly all goods imported from around the globe. The move, announced earlier this week by President Donald Trump, sent shockwaves through international markets and sparked widespread concern.
The tariffs, which kicked in on Saturday, aim to “make America great again,” Trump claimed. But experts warn that the policy could have far-reaching and devastating consequences for the economy. “This is a reckless and dangerous move that will put millions of jobs at risk,” said a leading economist. “The global economy is already reeling, and this could push it over the edge.”
As the rules took effect, the value of the S&P 500 index plummeted, wiping out $5 trillion in market value in just two days. The losses were not limited to the US, as markets across Asia and Europe also fell sharply. Oil and commodity prices also tumbled, as investors scrambled to find safe-haven assets.
Despite the backlash, Trump remains committed to his policy. “We’re going to make a deal, and it’s going to be a tremendous deal,” he said in a statement. “You’ll see. Just hang tough, folks. It’ll all work out.” But his allies, including UK Prime Minister Keir Starmer and French President Emmanuel Macron, have spoken out against the move, warning that a trade war will harm the global economy.
As the world struggles to come to terms with the new tariffs, businesses are already feeling the pressure. Companies that rely heavily on imports are facing ballooning costs and potentially devastating losses. “This is a disaster for our industry,” said a leading business executive. “We’re already seeing production lines shut down and jobs lost. This is a recipe for disaster.”
The impact of the tariffs will be felt far beyond the US, as countries around the world struggle to adapt to the new rules. Meanwhile, Trump’s allies are scrambling to respond, with some countries announcing plans to impose their own tariffs in retaliation. The global economy is bracing for impact, and the world is holding its breath as the consequences of this radical new policy begin to unfold.
(Keywords: US stock market, Donald Trump, tariffs, global economy, trade war, S&P 500, oil and commodity prices)
(Categories: Business, Economy, Politics, World News)
(Tags: Donald Trump, tariffs, trade war, S&P 500, oil and commodity prices, global economy, US stock market)
Original Source: https://indianexpress.com/article/world/donald-trump-tariffs-news-live-updates-china-market-9927016/
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Publish Date: 2025-04-06 01:47:00
