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Could Trump's tariffs tip the world into recession?
Donald Trump's "Liberation Day" tariffs last week spooked the markets.
Stock markets tumbled on Monday, with most US markets down and stocks in Hong Kong falling 13.2%, their worst day since 1997 during the Asian financial crisis. There was slight growth in Asian and UK markets on Tuesday, but that was before top-rate tariffs came into effect on 60 countries, including a massive 104% levy on China on Wednesday, which sent markets down again.
Responding, Beijing announced it will now place an import tax of 84% on the US - up 50% from its previous levies. Tariffs latest: Follow live updates It remains unclear if tariffs will have a large enough impact to knock America's economy into reverse.
But it is this uncertainty that has the potential to cause the most damage. "People are all at sea," Sky News Business Live presenter Darren McCaffrey told the Sky News Daily podcast.
US economists at Goldman Sachs raised their assessment of the odds that America will tip into recession to 45%, up from 35% the week before. And if most tariffs aren't reduced or negotiated away, "we expect to change our forecast to a recession.
Amir Nisi
Creative and experienced content writer with 6+ years of experience lazy to create unique content strategy for News5 to turn website visitors into customers.
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