Part 4/9:
As the trading session continues, a UBS report cites potential cutbacks to global growth reaching as high as 1 percentage point by 2025 due to new tariffs, with Asian economies bearing the brunt of the impact.
Tariff War Fears
Fears surrounding a global economic slowdown have been exacerbated by President Trump’s implementation of a universal tariff, enacted this past Saturday. These tariffs are predicted to not only affect the U.S. but ripple through the global economy, potentially pushing both the U.S. and the world into recession. In a swift response, China retaliated with a 34% tariff on all U.S. goods, further heightening concerns over an extended trade war.