Stock markets around the world are reeling after President Trump announced sweeping new tariffs on imports, sparking concerns over a potential global recession. The president unveiled a baseline 10% tariff on goods from all countries, with significantly steeper rates on imports from China, Japan, and the European Union.

“Reciprocal; that means they do it to us and we do it to them,” the president said, justifying the move. He later held up a chart showing that Chinese goods would now face a 54% tariff, Japanese goods a 24% tariff, and European goods a 20% tariff.

The reaction from financial markets was immediate. Stock futures on Wall Street fell more than 3% ahead of the opening bell, dragging down indexes globally. Here in Georgia, investors braced for volatility, with consumer confidence rattled by fears of rising prices.

“This might not be the day to look at your 401(k) balance,” one local analyst warned.

WSB consumer expert Clark Howard says the tariffs amount to a hidden tax on American consumers. “You gotta understand, tariffs are a tax on consumers,” Howard said. “These are not tariffs on China, Japan, Europe, or whatever. These are on us when we go to shop.”

Howard added that shoppers likely won’t feel the impact immediately. “Probably six weeks to about 12 weeks,” he said. His advice is to avoid big purchases, especially new cars, unless absolutely necessary.

Across the Atlantic, the European Union condemned the move and is reportedly preparing counter measures. EU officials called the tariffs a “major blow to the world economy.”

Meanwhile, investment bank J.P. Morgan warned that if the tariffs remain in place, a global recession could follow.

President Trump defended his stance on long-time allies, saying, “I know you think of the European Union, very friendly, but they rip us off.”

As economists, investors, and global leaders continue to assess the impact, markets remain on edge. This is a developing story.