Trump's Tariffs: A New Phase in Global Trade Tensions

The White House confirmed new tariffs by President Trump, sparking fears of a trade war ahead of his scheduled announcement. The tariffs, including a 25% duty on auto imports, aim to address trade imbalances. However, economists warn these could raise domestic prices, affecting the global economy.

On Tuesday, the White House confirmed President Donald Trump's plan to implement new tariffs, triggering concerns of escalating trade tensions. As anticipation built for the official announcement, businesses and investors feared the impact on the global trade system.

The administration's intent includes reciprocal tariffs against countries that target U.S. goods, as well as a 25% tariff on auto imports effective April 3. This move follows previous tariffs on aluminum and steel and increased duties on Chinese imports, stirring disapproval among international trade partners.

Despite seeking to rectify trade imbalances, economists caution that the tariffs could raise consumer costs and stunt economic growth. The looming tariffs have already prompted an economic slowdown, with weakened business and consumer confidence reflected in market performance.

(With inputs from agencies.)