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Trump Tariffs Could Cause Global Recession, say economists

The world should be "very concerned" after the decision by U.S. President Donald Trump to impose tariffs on its trading partners, a senior lecturer at the University of Sydney's School of Economics said on Thursday (April 3). READ MORE: https://www.thetimes.com/us/american-... "The last time a trade war on this scale has happened was in the 1930s, exactly 1930, it was Smoot-Hawley Tariff Act and it led to a global recession worldwide," Vladimir Tyazhelnikov, senior lecturer at the University of Sydney's School of Economics, told Reuters. "What we do not know yet is how other countries will respond to Trump's tariffs. It is very likely that these countries will retaliate and it will affect of course, the U.S," he added. U.S. President Donald Trump announced on Wednesday (April 2) a 10% tariff on most goods imported to the United States, as well as higher duties on dozens of countries from rivals to allies. It has intensified a global trade war that threatens to stoke inflation and stall growth. The sweeping duties immediately unleashed turbulence across world markets and drew condemnation from other leaders now faced with the end of decades of trade liberalisation that have shaped the global order. Read the best of our journalism: https://www.thetimes.com/ Subscribe to The Times and The Sunday Times YouTube channel: https://www.youtube.com/subscription_... Find us on Facebook:   / timesandsundaytimes   Find us on X: https://x.com/thetimes Find us on Instagram:   / thetimes   #trump #tariffs #tradewar