Excerpts from recent editorials in the United States and abroad:
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April 7
The Washington Post says Trump's tariff's are freezing the economy
Klarna, StubHub and Medline have put on hold their initial public offerings. Jaguar Land Rover has paused all car shipments to the United States. Nintendo has delayed taking preorders for its new game console, the Switch 2, to assess the effect of tariffs on prices.
President Donald Trump is freezing the U.S. economy, intentionally or not, and the damage worsens with every day he stays his course. His 10 percent across-the-board tariffs went into effect Saturday, and the next round of higher levies for individual countries is set to snap into place Wednesday. Without congressional approval ( something the Constitution requires ), Trump is imposing the highest U.S. taxes on trade since 1909 — effectively the largest U.S. tax increase since 1968.
On Wall Street, traders are more frightened than they have been since the 2008 financial crisis. In Europe, analysts flash back to the aftershocks of Brexit in 2016. In Asia, this feels like the 1997 financial crisis all over again. What happens in the next few days will decide how deep a now-seemingly-inevitable recession will become in the U.S. and beyond.
It remains unknown how most other countries will retaliate and whether the White House will negotiate deals to lessen the fallout. As markets fell on Monday, Trump threatened additional 50 percent tariffs on China, while Taiwan and three other countries offered to end all their tariffs on the United States. (Peter Navarro, the president's trade adviser, said this will not be enough.) Every country has its own domestic considerations when gauging how to react.