#TrumpTariffs Trump's Tariff Policy: What You Need to Know

President Donald Trump has been actively pursuing his tariff agenda, impacting global trade and economies. Here's a breakdown of the key points:

Recent Developments

- *Tariff Deadline Delayed*: Trump announced that the US is near finalizing several trade deals and will notify countries of higher tariff rates by July 9, with the rates set to take effect on August 1.

- *BRICS Nations*: Trump threatened a 10% tariff on countries aligning with BRICS' "anti-American" policies, which could affect trade talks with nations like India and Indonesia.

- *Trade Agreements*: The US is reportedly close to finalizing deals with several countries, including the European Union, India, and Vietnam ¹.

Economic Impact

- *Global Recession Risk*: According to J.P. Morgan Research, Trump's tariff policies have increased the risk of a global recession, with estimates suggesting a 40% chance of recession this year.

- *Inflation and Growth*: The tariffs could lead to higher consumer prices, reduced economic growth, and increased inflation, potentially dampening global GDP by 1%, according to J.P. Morgan Research.

- *Trade Deficit*: The Trump administration is focused on reducing the US trade deficit, targeting 18 important trading partners that account for 95% of the deficit ².

Potential Consequences

- *Higher Prices*: Tariffs could result in higher prices for consumers, affecting goods ranging from autos to canned drinks.

- *Business Sentiment*: Uncertainty around tariffs has depressed business sentiment, potentially weighing on spending and hiring decisions.

- *Global Trade*: The rise in tariffs threatens global trade, with potential long-term consequences for economic growth and stability ².