Trump finally unveiled his long-awaited tariff plan. Here’s what happened on ‘liberation day’
Why Trump’s trade war is stoking recession fears in the US
- US President Donald Trump has announced a 10 per cent tariff on all imported goods, with additional tariffs on specific trading partners, calling it ‘Liberation Day’.
- Economists fear these tariffs will increase prices on everyday goods for Americans, exacerbating the affordability crisis.
- The White House insists the tariffs will benefit the US economy but acknowledges potential concerns for retirees.
- The tariffs target goods from numerous countries, including key allies like the UK and EU, with rates based on US trade deficits.
- These tariffs come amid warnings of a potential recession triggered by the escalating trade war and rising consumer costs.