What Trump has said about tariffs as stock market reacts
CBSN
President Trump has vehemently defended the sweeping tariffs unveiled by his administration on what he dubbed "Liberation Day" last week, even as they threaten to spark a global trade war and have sent stock markets tumbling around the world.
In the United States, many are concerned about levies driving up the price of everyday goods, and Goldman Sachs economists on Monday cited them in a report raising the odds of a recession to 45%. JPMorgan CEO Jamie Dimon cautioned the tariffs could slow the economy and "will likely increase inflation."
Mr. Trump on April 2 announced a baseline 10% tax on all U.S. imports, plus additional "reciprocal" tariffs on imports from 90 countries. He pitched the tariffs as a strategy to reduce the trade deficit between the U.S. and other global powers, including China and the European Union.
