The IMF also now believes there is a 40% chance of a recession in the U.S., up from 25% in October 2024.

Senator Elizabeth Warren highlighted fears that the "chaotic approach" to trade could enable corporations to increase prices "regardless of whether goods are actually subject to tariffs."

China produces more than 90% of the world's supply of refined magnet rare earth elements, used as components for semiconductors, planes, drones, and even missiles.

Two-thirds of CEOs said that they do not approve of Trump's tariffs, while 76% said that they believe tariffs will negatively impact their businesses in some way this year. 

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Although wholesale egg prices have continued to dip, the USDA says that it could take weeks before a similar shift trickles down to grocery stores.

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China has taken the hardest stance against Trump's tariffs of any country, with no indications that it plans to back down in the weeks to come.

Unless the EU comes to an arrangement with the U.S., 20% tariffs against the bloc will come into force on April 9.

Economists have warned that Trump's tariffs will lead to higher prices on a range of products, including cars, auto parts, electronics, furniture, coffee and chocolate.