Back to today’s briefing

Story perspectives

IMF Warns: Trump’s Tariffs Could Cost $1 Trillion

4/23/2025

50 7

Left

Trump's Trade Turmoil

The IMF raises alarms about a staggering $1 trillion blow to global output stemming from Donald Trump's trade policies, which have pushed tariffs to their highest in a century. This turmoil has weakened the US dollar and sent gold prices soaring, as investors grapple with rising anxiety over political instability and the uncertain future of the global economy.

Right

BRICS+ Rise, Dollar Declines

The U.S. administration's tariffs have sparked a significant shift from a dollar-dominated global economy, exposing its vulnerabilities. As BRICS+ nations gain prominence and prioritize their own currencies, the dollar's value has sharply declined, leaving investors scrambling for safer assets amid growing market uncertainty.

Center

Trump's Trade Turmoil

Global markets are in turmoil as President Trump's trade war and sharp critiques of the Federal Reserve send the S&P 500 plummeting 16% from its peak. The U.S. dollar has sunk to a three-year low, while gold prices soar, reflecting a growing unease among investors who are fleeing to safer assets.

History

Historical Context

The current turmoil mirrors the Smoot-Hawley Tariff Act of 1930, which raised tariffs significantly, triggering retaliatory measures and deepening the Great Depression. Trump's recent tariffs echo this historical pattern, threatening global trade stability and economic growth, as investors seek refuge in gold amidst rising uncertainty.

1 of 4

Trump's Trade Turmoil

The IMF raises alarms about a staggering $1 trillion blow to global output stemming from Donald Trump's trade policies, which have pushed tariffs to their highest in a century. This turmoil has weakened the US dollar and sent gold prices soaring, as investors grapple with rising anxiety over political instability and the uncertain future of the global economy.

1 / 4