Olu Sonola, head of US economic research at Fitch Ratings, warns that recent import tariffs announced by US President Trump could lead many countries into recession. The tariffs, ranging from 10% to 49%, elevate the US's overall tariff rate to about 22%, previously unseen since 1910. Sonola suggests that forecasts need major revision if these tariffs remain in place long-term. Most affected are Asian economies, particularly China, which faces tariffs up to 54%. Other countries like Japan and South Korea are also significantly impacted, highlighting widespread economic repercussions.
Many countries will likely end up in a recession, noted Olu Sonola, highlighting the potential global economic downturn stemming from new US import tariffs.
This is a game changer, not only for the US economy but for the global economy, with many forecasts becoming unreliable under prolonged tariff rates.
Collection
[
|
...
]