The tariffs, which Trump hasdescribed as “reciprocal,” have disrupted long-standing trade norms, triggeredrecession concerns, and caused a sharp decline in global markets, according toeconomic experts.
Asian markets continued their slideon Wednesday. Japan’s Nikkei fell over 3%, South Korea’s won hit a 16-year low,and government bonds suffered significant losses as investors moved to cash.
Trump has reportedly sentconflicting messages about the long-term future of the tariffs, calling them“permanent” while also suggesting they are prompting other leaders to seekdialogue. "We have a lot of countries coming in that want to makedeals," Trump said at a White House event on Tuesday. He later added thathe believed China would eventually seek an agreement as well.
Tariff Fallout and Global Response
In response to the marketturbulence, major Chinese brokerage firms have pledged coordinated efforts tostabilize domestic equities.
Economists warn that US consumersmay ultimately bear much of the burden, with higher prices expected across awide range of goods. A recent Reuters/Ipsos poll found that nearlythree-quarters of Americans anticipate rising prices in the next six months.
Trump’s earlier 10% across-the-boardtariffs on many imports took effect Saturday. The latest measures, imposed at12:01 a.m. ET (0401 GMT) on Wednesday, target nations Trump accuses of “rippingoff” the US. The list includes key allies such as the EU, which now faces a 20%duty alongside industry-specific penalties. The EU’s 27 members are expected tovote on initial countermeasures later in the day.
Japan’s finance minister said onWednesday that upcoming trade talks with the US could include discussions onexchange rates.
Trump has indicated more tariffs maybe on the horizon. Speaking to Republican lawmakers on Tuesday evening, he saidhe plans to announce “major” tariffs on pharmaceutical imports—one of the fewsectors not yet affected.
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