On Apr. 5, US President Donald Trump described his tariff policies as an “economic revolution” and urged businesses to “hang tough” amid significant market volatility.

His comments came after a sharp two-day decline in the US stock market, where investors reportedly lost over US$6 trillion due to concerns about the tariffs’ impact.

Trump reassured that ongoing budget and tax negotiations would ease worries, calling the outcome “historic.”

Economists warn of potential consequences, including a rise in production costs and possible job cuts.

Nina Eichacker noted businesses may cut expenses, negatively affecting workers. Grocery prices could increase, especially for coffee, chocolate, and produce.

Though the full tariffs take effect Apr, 9, some industries already feel the strain. A major supplier for Airbus and Boeing may halt shipments, and some automakers have suspended shipments to the US.

Apollo chief economist Torsten Slok said the severity and duration of the tariffs, along with potential retaliation, could trigger a global recession.