New York: Retaliatory tariffs imposed by Trump have triggered fears of a global trade war. JP Morgan warned that due to Trump’s policies and China’s counter-tariffs, there is a 60% chance of a global economic recession, especially affecting the USA. If this happens, millions of jobs in America could be lost, affecting the global economy as well.

Indian IT sector may suffer due to U.S. economic slowdown

Though Trump didn’t directly impose tariffs on IT services, analysts say Indian IT companies will be hit. U.S. clients in manufacturing, logistics, and retail may cut costs due to inflation from tariffs, reducing spending on IT. Rating agencies have already downgraded Indian IT stocks, fearing reduced client confidence and weak revenue growth. Since over half of India’s $190 billion software exports go to the U.S., any spending cuts there will hurt Indian firms.

Americans rush to stores fearing price hikes

Due to new tariffs, prices of daily goods and electronics like fruits, vegetables, phones, and laptops are expected to rise sharply. Many Americans are panic-buying before the tariffs come into effect. Experts advise people not to hoard. The U.S. has imposed 10% duties on all imports starting Saturday, with higher duties to follow from April 9. Trump says these moves will bring jobs and revenue back to the U.S., but economists warn of inflation and recession risks.