The world is staring at a global recession starting with America. Trump’s tariffs are posing a risk to the US economy, but he appears less bothered by a recession if growth slows. Fed Chair Jerome Powell has already predicted that new tariffs will have a larger economic impact than anticipated, leading to slower growth and higher inflation. Trump tariffs are in effect today, but only at a 10% base rate. The reciprocal tariffs have been paused till at least July 9 after Trump stopped the implementation from April 9, giving 90 days for most countries to negotiate.