Businesses around the globe on Thursday faced up to a future of higher prices, trade turmoil and reduced access to the world’s largest market after U.S. President Donald Trump confirmed their worst fears by instituting broad tariffs worldwide.
Trump ramped up his trade war with tariff rates from 10% to nearly 50%. He says the levies will bring jobs back to the United States, but company executives were focused on possible increases to prices, reducing shipments or cutting back investment activity outright. But markets shuddered at Trump’s actions, which could undo decades of global trade patterns – and take many years of adjustment.
Christoph Steitz, Kalea Hall and Jessica DiNapoli | Yahoo Finance