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

The chair of the European Parliament's Trade Committee, Bernd Lange, warned that new tariffs imposed by US President Donald Trump on Wednesday could have severe negative consequences, especially for the average citizen.

Trump’s two terms are proof that the benefits of globalization are not universally shared. Many of the swing states Trump won in 2016 and 2024 are scarred by industrial decline. Voters there remember promises made to them by previous presidents and think they were lied to.

Newsweek's average of the 10 most recently published polls shows Trump's approval rating has slipped to 46 percent, while 51 percent disapprove.

Investors in financial derivatives called U.S. inflation swaps are betting that President Donald Trump's tariffs will have a hefty short-term impact on consumer prices that will recede in the next few years as recession concerns escalate.

In 2021, as the US economy recovered from the pandemic, consumer prices began to creep higher. Federal Reserve officials said then that rising inflation would only be “transitory.”

Trump could be purposely keeping inflation high to devalue the national debt, some experts believe.