US inflation surged at the start of 2024, driven by rising costs of groceries, gas, and housing, reducing chances of a Federal Reserve rate cut. Concurrently, President Trump called for reciprocal tariffs on trading partners, which risks escalating the trade war.
President Trump’s decision to impose new tariffs on global imports is a significant challenge to the post-World War II free trade system. Trade experts warn that this could lead to higher tariffs worldwide, potentially harming the World Trade Organisation’s efforts to coordinate international tariffs and trade rules.
