What we covered here
• Historic global trade war: President Donald Trump declared a US economic emergency and announced tariffs of at least 10% across all countries, with rates even higher for dozens of countries and trading blocs. Auto tariffs are now in effect.
• Impact on Americans: Trump’s tariffs could cost average US households $2,100 per year, according to analysis from the nonpartisan Tax Foundation.
• Global markets rattled: US stock markets plunged Thursday, with the worst day for all three major market indexes since 2020 and the US dollar wiping out all gains since Trump’s reelection. Global markets also fell sharply, and leading economists tell CNN they fear tariffs could lead to a global recession.
• Canada hits back: Canada announced it will levy a 25% counter-tariff on non-USMCA compliant vehicles imported from the US. The EU, another top US trade partner, is also preparing countermeasures. China has also vowed to hit back.














