Hold onto your wallets, folks! A new economic report reveals that the latest U.S. tariffs could hit America harder than most countries—slashing its annual GDP by 0.36% ($108.2 billion) and sparking long-term global ripple effects. 💥
According to modeling by Auckland University of Technology’s Prof. Niven Winchester, the revised tariffs—signed by former President Donald Trump in July—will dent China’s GDP by $66.9 billion, the EU’s by $26.6 billion, and Japan’s by $3.9 billion. But the U.S. takes the biggest hit. 📉
Meanwhile, the UK’s National Institute of Economic and Social Research (NIESR) warns that by 2030, current U.S. tariffs could shrink global GDP by 1.1%, with Mexico (-3.5%), Canada (-2.7%), and the U.S. (-2.5%) suffering most. Yikes! 😬
But tariffs aren’t the only storm cloud. The NIESR highlights other risks: labor market disruptions from immigration policies and rising government debt threatening financial stability. 🚨
Think trade wars are just political drama? Think again—this could hit your wallet harder than a Netflix subscription hike. 🍿💸
