Economists are warning that the tariffs set to be imposed by former President Donald Trump on April 2nd could lead to a recession. Trump has labeled the implementation date as "liberation day." The tariffs are designed to protect American industries by increasing the cost of imported goods.
However, many experts believe that these tariffs will ultimately harm the U.S. economy. Higher tariffs can lead to increased prices for consumers, as businesses pass on the added cost of imports. This can reduce consumer spending and slow economic growth.
Furthermore, the tariffs could spark retaliatory measures from other countries. These countries may impose their own tariffs on American goods, making it more difficult for U.S. businesses to export their products. This trade war scenario could further damage the economy.
The potential impact of the tariffs is a major concern for businesses and investors. The uncertainty surrounding trade policy can lead to decreased investment and job creation. While the tariffs are intended to benefit certain industries, the overall effect on the economy could be negative, potentially triggering a recession. The situation will be closely monitored in the coming weeks as the tariffs take effect.
Experts Warn Trump's Tariffs Could Trigger Economic Recession
Economists are raising concerns that newly announced tariffs could push the U.S. economy into a recession. Former President Trump is scheduled to implement the tariffs, which he calls "liberation day," starting April 2nd. The tariffs target imported goods and are designed to protect domestic industries. However, critics fear they will increase prices for consumers and disrupt global trade.
Source: Read the original article at ABC