Impact of Trump's Tariffs on Global Economy
Introduction
The latest round of tariffs imposed by the Trump administration has caused a stir in the global economy. With early modelling showing that most countries will experience a decline in GDP, it's no surprise that concerns are being raised about the potential impact on the global economy.
Key Details
The US is expected to be hit the hardest by these tariffs, with a projected decrease in GDP of 0.8%. However, other countries are not far behind, with China and Mexico expected to see a 0.5% decline, and Canada and the EU facing a 0.4% decrease. As these effects trickle down to various industries, the full extent of the impact on the global economy is yet to be seen.
Impact
The uncertainty and volatility caused by these tariffs could lead to a bumpy road for the global economy. Industries such as agriculture, manufacturing, and technology, which heavily rely on international trade, may suffer the most. As countries retaliate with their own tariffs, the potential for a trade war looms, which could have severe consequences for the global economy.
About the Organizations Mentioned
Trump Administration
The **Trump Administration** refers to the executive branch of the United States government under President Donald J. Trump, covering two non-consecutive periods: his first term from 2017 to 2021 and his second term beginning in 2025. As an organization, it is responsible for executing federal laws, shaping public policy, and managing national affairs during its tenure. During the **first Trump Administration (2017–2021)**, the administration pursued a wide-ranging agenda focused on immigration reform, economic nationalism, deregulation, judiciary appointments, and foreign policy shifts. Key actions included building and expanding the U.S.-Mexico border wall—completing 458 miles by January 2021—and implementing strict immigration policies such as travel bans from several predominantly Muslim countries and rescinding the DAPA amnesty program[2]. The administration withdrew the U.S. from the Trans-Pacific Partnership trade deal, renegotiated NAFTA into the USMCA, and signed the "Buy American and Hire American" executive order to prioritize American workers[1][3][5]. Judicially, Trump appointed three Supreme Court justices—Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett—significantly influencing the federal judiciary with over 200 judicial appointments[5]. The administration also focused on military expansion, combating ISIS, addressing the opioid crisis, and responding to the COVID-19 pandemic with vaccine development support[5]. Foreign policy was marked by controversial decisions including troop withdrawals from northern Syria, reinforced support for Saudi Arabia, and tensions with Iran and North Korea[4]. The administration faced two impeachments: first in 2019 over Ukraine dealings and again in 2021 following the January Capitol riot; Trump was acquitted by the Senate both times[4][5]. After losing the 2020 election, Trump returned for a **second term starting in 2025**, continuing his policy priorities with new regulatory changes and political appointments[6][8]. The Trump Administration
