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On April 2, 2025, U.S. President Donald Trump announced extensive tariffs, including a 10% baseline on all imports, with higher rates for specific countries such as a 34% tariff on Chinese goods.
Start ClassifyingThis move has led to significant turmoil in global financial markets, with the Dow Jones dropping over 2,200 points and the S&P 500 declining by 6%, erasing trillions in market value.
Start ClassifyingChina responded with a 34% tariff on American imports, escalating fears of a global trade war.
Start ClassifyingEconomists warn that these tariffs could reduce U.S. economic growth by 2 percentage points and increase unemployment to 7.5%.
Start ClassifyingIn New Zealand, Prime Minister Christopher Luxon stated that the country is "relatively well positioned" to weather the impact, opting not to impose reciprocal tariffs to avoid adding to domestic inflation.
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