Trump's Tariff Tremor: The Looming Global Trade Showdown

The White House has drafted plans for 20% tariffs on most imports to the U.S. as part of President Trump's new trade policy. This move could trigger a global trade war, with potential countermeasures from nations like Canada and the EU. Economists warn this could harm both the U.S. and global economies.

President Donald Trump is ramping up trade tensions with a proposed 20% tariff on most imported goods, according to insiders familiar with the White House's plans. Analysts fear this decision could ignite a global trade war, with businesses and consumers caught in the crossfire.

Trump has circled April 2 as the date for announcing the new trade measures, with a 25% tariff on auto imports set to start on April 3. These moves follow on from earlier tariffs on steel and aluminum, targeting countries perceived by the U.S. administration as imposing unfair duties.

Economic experts caution that such measures could lead to increased household expenses and hit the global economy hard. Already, there are signs of eroding economic confidence, and the stock market has seen significant value loss not just in the U.S., but across Europe and Asia too.

(With inputs from agencies.)