Upending the global trading system – these are some of the descriptions attached to President Donald Trump's upcoming announcement of tariffs. The magnitude and scope of these levies is unknown, and markets are set to rock.
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Upending the global trading system
The globalized world depends on the flows of goods – and their components – across borders. US President Donald Trump plans to announce significant tariffs on goods, aiming to revive America's manufacturing sector.
Companies are unaware of the plans and will have little time to prepare – the duties are set come into effect immediately. The Federal Reserve (Fed) will have to judge if the new policies mean higher inflation and an elevated path of interest rates, or the opposite – a recession that results in higher unemployment and lower rate cuts.
The White House timed the decision to 16:00 Eastern / 20:00 GMT, just as cash trading ends in the US. Futures markets, Gold, and currencies are set to swing.
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