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Trump's 145% Tariff Sparks Economic Turmoil and Fear

5/12/2025

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Summary

Story summary

In April 2025, President Trump shocked the markets by imposing a staggering 145% tariff on Chinese goods, igniting fears of a looming recession. A Reuters poll revealed that 60% of economists share these concerns, while small businesses brace for harsh consequences. Despite the turmoil, Treasury Secretary Bessent remains optimistic, citing active trade negotiations, even as the IMF warns of escalating economic uncertainty.

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Story summary

In April 2025, President Trump shocked the markets by imposing a staggering 145% tariff on Chinese goods, igniting fears of a looming recession. A Reuters poll revealed that 60% of economists share these concerns, while small businesses brace for harsh consequences. Despite the turmoil, Treasury Secretary Bessent remains optimistic, citing active trade negotiations, even as the IMF warns of escalating economic uncertainty.