Position Paper 41/2025 by di L. Ghezzi and N. Sciclone
New tariffs for everyone, allies and non-allies alike, with immediate effect. 20% in Europe. 34% in China, which becomes 54% when considering the tariffs already in place. 10% in the United Kingdom and the rest of the world. And additional punitive tariffs for the “worst offenders,” i.e., the countries with the highest taxes on US exports.
This was announced by US President Donald Trump at a press conference on Wednesday, April 2, marking a shift from market globalization to protectionism in trade policy with this unilateral decision.
Donald Trump’s tariffs will have a recessionary effect on the global economy, the extent of which can only be assessed over time, as it will depend on the type and scale of reactions at various levels to the new taxes on products that will now pass through US customs.
