President Donald Trump has announced far-reaching new tariffs on nearly all U.S. trading partners — including a 34% tax on imports from China and 20% on the European Union, among others.

Key Takeaways Forecasters were revising the outlook for the U.S. economy Thursday, seeing greater recession risks in the wake of Donald Trump's far-reaching tariffs on trading partners.The tariffs could push up prices,

This policy change is stirring a mix of reactions among consumers and experts alike, leading many to wonder what financial impact this could have on their everyday lives.

Donald Trump on Wednesday announced sweeping reciprocal tariffs on all countries, saying that a minimum of 10 per cent levy will be imposed on all imports.

Sweeping global "reciprocal" tariffs announced by President Donald Trump provoked dismay, threats of countermeasures and urgent calls for negotiations.

President Donald Trump's widespread tariffs could put the U.S. economy "perilously close to slipping into recession" by driving up inflation and hurting consumer spending, JP Morgan's chief economist Michael Feroli has said in a note.

Financial markets declined markedly after President Donald Trump unveiled steeper-than-expected retaliatory tariffs.

Economists say the "direct" impact of US President Donald Trump's new tariff regime on Australia's economy will be small, but the "indirect" impact could be a problem for Australia, depending on how the tariffs disrupt trading patterns and damage global growth.