“White House aides have drafted a proposal to impose tariffs of around 20 percent on most imports to the United States, as President Donald Trump pushes for the most aggressive overhaul of the global economic system in decades,” the Washington Post reports.
“If implemented, the plan is likely to send shock waves through the stock market and global economy. Assuming that permanent tariffs took effect in the current quarter and triggered robust retaliation by U.S. trading partners, the economy would almost immediately tumble into a recession that would last for more than a year, sending the jobless rate above 7 percent, according to Mark Zandi, chief economist for Moody’s, who described the results as a worst-case scenario.”
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