Recap (so far) - Trump trade war imposes sweeping new tariffs, 54% on China now ...Middle East

Whiter House press sec Leavitt says the 34% rate on China will be added to the current 20% rate for a total tariff of 54%.

Trump justified the move as a response to unfair foreign trade practices, including tariffs and non-tariff barriers that disadvantage American goods. However, Canada and Mexico, already subject to high tariffs, will not be affected further.

These actions have shaken global markets, with U.S. stocks losing nearly $5 trillion in value since February, and analysts warning of rising inflation and recession risks. While the Trump administration claims these tariffs will revive key industries, many businesses and economists fear long-term economic damage and increased consumer costs.

S&P 500 futures down 3.5%, testing the March lowYen a big, big winner on Trump's tariff trade war announcement This article was written by Eamonn Sheridan at www.forexlive.com.

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