The United States is abandoning the economic system that made it rich and powerful, gambling that it can become more prosperous waging a global trade war.

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President Donald Trump's punishing tariffs rocked global financial markets on Thursday, with the dollar and U.S. stocks tumbling as investors rushed to safe havens on fears a broadening trade war would push an already fragile world economy into recession.

Trump was fulfilling a key campaign promise as he imposed what he called “reciprocal” tariffs on trade partners, acting without Congress under the 1977 International Emergency

US President Donald Trump announced a sweeping new set of tariffs on Wednesday, arguing that they would allow the United States to economically flourish. These new import taxes, which Trump imposed via executive order,

The penalties announced on Wednesday unleashed turbulence across world markets and drew condemnation from other leaders facing the end of an era of trade liberalization that has shaped the global order for decades.

Trump said tariffs will force other countries to lower their own rates on U.S. goods and services. But other nations are planning to retaliate.

The Dow Jones Industrial Average dropped more than 1,600 points on Thursday as U.S. stocks led a worldwide selloff after the Republican president's announcement of tariffs against much of the world ignited a shock like none seen since the COVID-19 pandemic.

President Donald Trump's expansive new tariffs flips on its head a decades-long global trend of lower trade barriers and is likely, economists say, to raise prices for Americans by