The “Liberation Day” tariff increases outlined by the US government on April 2 were higher than expected. These increases impose a minimum tariff rate of 10% for all US trade partners and sizeable additional increases on a subset of 57 trade partners.
The Trump administration has taken the US back in time when America was poorer, and its policies could make the global economy poorer.
US tariffs have reached levels that are transforming the global economic outlook, significantly raising US recession risks and constraining the Federal Reserve’s ability to lower interest rates further, says Fitch Ratings.
