Trumsession vs. Making America Affordable Again: How New Tariffs Could Lead the World into a New Great Recession
In a bold move on April 2, 2025, President Donald Trump announced sweeping tariffs on imported goods, marking what he termed "Liberation Day." These tariffs, ranging from 10% to 50%, target imports from numerous countries, including a 34% tariff on Chinese goods. The administration asserts that these measures aim to reduce trade deficits and rejuvenate U.S. manufacturing. However, economists and financial analysts express deep concerns about the potential for these tariffs to trigger a global economic downturn reminiscent of the Great Recession. The Tariffs at a Glance Scope and Scale: The newly imposed tariffs affect a broad spectrum of goods from dozens of countries, with rates as high as 50% on certain imports. Notably, Chinese products face a 34% tariff. Historical Context: These measures elevate the average U.S. tariff rate to 22.5%, the highest since 1909, effectively reversing decades of trade liberalization. Economic Implications Consumer Im...