Trump sees tariffs - which are taxes imports - as a bargaining chip to get better trade terms, while also raising money and protecting the American economy from unfair competition. A White House fact sheet published last week also suggested that a 10% tariff on every import could create nearly three million US jobs.

Nancy Hubbard, the executive director of YWCA, expressed concerns that the tariffs could lead to increased inflation and potentially trigger a global recession. "Everybody in the market is saying they're worried they are going to have a trade war,

The likelihood of the U.S. entering a recession has jumped since President Trump announced new tariffs, according to Goldman Sachs economists.