The global economy is bracing for renewed turbulence following U.S. President Donald Trump’s announcement on Wednesday of sweeping new tariffs, triggering fears of a global trade war and sparking immediate market and
The global economy is bracing for renewed turbulence following U.S. President Donald Trump’s announcement on Wednesday of sweeping new tariffs, triggering fears of a global trade war and sparking immediate market and political reactions.
According to the White House, the new measures include a 10% minimum tariff on most imported goods, with certain products — particularly those from major U.S. trade partners like China, South Korea, Japan, and the European Union — facing duties as high as 25%. Oil, gas, and refined petroleum products have been exempted from the tariffs for now, though the broader economic fallout is expected to be significant.
Impact on U.S. Businesses and Consumers
Niels Rasmussen, Chief Shipping Analyst at BIMCO, warned that U.S. businesses and consumers would bear the brunt of the increases, as the new tariffs apply to nearly 80% of imported goods.
"We expect that the tariff increases will hurt U.S. businesses and consumers the most as they will see cost increases on nearly 80% of imports," said Rasmussen. "In the U.S., the tariffs are likely to lead to increased inflation and lower economic growth."
Rasmussen emphasized that the global impact could be far-reaching, especially if major trading partners
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