The US president’s decision to impose a sweeping set of tariffs on America’s trading partners has triggered mounting losses in global stock markets and fuelled growing demands for a policy reversal.
The countries most affected include key US trading partners China and the European Union, now subject to new duties of 34 per cent and 20 per cent respectively.
“We’re going to get fair deals and good deals with every country. And if we don’t, we’re going to have nothing to do with them,” Trump said.
JPMorgan chief executive Jamie Dimon, widely regarded as one of the most influential leaders on Wall Street, warned on Monday of “inflationary outcomes” on imports and prices, and even alluded to the possibility of a recession.
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“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
Billionaire hedge fund manager Bill Ackman, who endorsed Trump after the president’s assassination attempt in July, compared proceeding with the tariffs plan to launching an “economic nuclear war”.
Unless Trump changes his approach, “we are heading for a self-induced, economic nuclear winter, and we should start hunkering down,” he said, adding “the president is losing the confidence of business leaders around the globe”.
Ricks announced in February that Eli Lilly would invest at least $27 billion to expand manufacturing in the US.
Republican Senator Ted Cruz has voiced his concern at the ‘taxes’ hitting American consumers (Photo: Win McNamee/Getty)Speaking at an event Saturday, the Tesla CEO said he hoped to see a “zero-tariff situation” between North America and Europe.
>1 problem.”
Republicans voicing fears
Another longtime Trump loyalist, Republican Texas Senator Ted Cruz, warned that the tariffs strategy poses “enormous risks”.
North Dakota Senator Kevin Cramer, speaking about the mood among Senate Republicans, said: “People are going to panic if this continues, and they’re in a bit of panic now.”
Nonetheless, 51 Republicans voted on Saturday for a budget framework that would enable them to begin drafting Trump’s “big, beautiful bill” to reduce taxes and boost border funding.
Investors, however, remained sceptical of Trump’s plan as global markets braced for another rough day.
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