Before Egyptians had the chance to return to their usual work routine after the Eid celebrations, U.S. President Donald Trump enacted broad reciprocal tariffs on the U.S.’s trade partners on Wednesday, 2 April, including Egypt, with a 10 percent tariff on Egyptian exports. Trump declared the day as “Liberation Day,” signing an executive order that introduced higher tariffs on countries accused by the U.S. of imposing greater taxes on American products. Since Trump announced the new import taxes, the global stock market has lost trillions of dollars. The situation worsened on Friday as China responded to the tariffs, with a 34 percent tax on American goods, increasing the chances of a long trade war that could harm the global economy. JP Morgan, an American multinational financial services firm, now estimates there is a 60 percent chance of a global recession this year, up from 40 percent before. In the US, all three major stock indexes, such as the S&P 500, Dow Jones Industrial Average, and Nasdaq, fell over five percent, with the S&P 500 losing almost six percent, marking the worst week for the market since 2020. Many small business…
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