The upcoming tariffs announced by President Donald Trump, dubbed "liberation day" for April 2nd, have raised concerns among experts who believe it may lead to a recession in the United States. This is due to the potential slowdown of businesses facing higher tax costs and consumers cutting back on spending as they prepare for price increases and an economic downturn. The uncertainty surrounding the degree and duration of these tariffs also contributes to the fear that the economy could fall into a recession.
Economists such as Kara Reynolds from American University have warned about the impact of both businesses and consumers pulling back on their spending, which can tip the U.S. over into a recession. Mark Zandi, chief economist at Moody's Analytics, has described these potential tariffs as "the fodder for an economic downturn."
President Trump has already implemented several rounds of duties targeting various sectors such as autos, steel and aluminum, along with goods from Mexico, Canada, and China. Over the weekend, he stated that the next round of tariffs could affect all countries. While the Trump administration remains non-committal about ruling out a recession, President Trump himself has suggested that "a little disturbance" may be necessary for progress.
In summary, the upcoming tariffs announced by President Donald Trump have raised significant concerns among experts who believe it may lead to a recession in the United States due to potential slowdowns of businesses and consumers cutting back on spending. The uncertainty surrounding these tariffs also contributes to this fear.
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