Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
AlterNet: 'Game changer': Analysis warns Trump's tariffs will plunge 'many countries' into 'recession'
AlterNet - 'Game changer': Analysis warns Trump’s tariffs will plunge 'many countries' into 'recession'
On Wednesday, April 2 — the day Donald Trump promoted as "Liberation Day" — the U.S. president detailed his plans for steep new tariffs. And they ranged from 10 percent for many countries to much higher for others.
The next morning on MSNBC's "Morning Joe," investor Steve Rattner didn't mince words when describing the tariffs' likely effects. And he warned that it isn't unrealistic to start using the "R-word" in relation to the U.S. economy — as in recession.
According to analysis from Fitch Ratings reported by Bloomberg News, the United States isn't the only country facing a possible recession because of Trump's tariffs.
Olu Sonola, Fitch's head economic research for the U.S., warned, "This is a game changer, not only for the U.S. economy but for the global economy. Many countries will likely end up in a recession…. You can throw most forecasts out the door, if this tariff rate stays on for an extended period of time."
Trump's new tariffs include 20 percent for goods imported into the U.S. from European Union (EU) countries. And Trump is moving forward with 25 percent tariffs on goods from Canada and Mexico, both major trading partners for the U.S.
/snip
On Wednesday, April 2 — the day Donald Trump promoted as "Liberation Day" — the U.S. president detailed his plans for steep new tariffs. And they ranged from 10 percent for many countries to much higher for others.
The next morning on MSNBC's "Morning Joe," investor Steve Rattner didn't mince words when describing the tariffs' likely effects. And he warned that it isn't unrealistic to start using the "R-word" in relation to the U.S. economy — as in recession.
According to analysis from Fitch Ratings reported by Bloomberg News, the United States isn't the only country facing a possible recession because of Trump's tariffs.
Olu Sonola, Fitch's head economic research for the U.S., warned, "This is a game changer, not only for the U.S. economy but for the global economy. Many countries will likely end up in a recession…. You can throw most forecasts out the door, if this tariff rate stays on for an extended period of time."
Trump's new tariffs include 20 percent for goods imported into the U.S. from European Union (EU) countries. And Trump is moving forward with 25 percent tariffs on goods from Canada and Mexico, both major trading partners for the U.S.
/snip