By A Correspondent

As President Donald Trump readies to introduce a broad range of new tariffs, global markets are bracing for potential disruptions, with some Republican senators expressing concerns over the risks of escalating trade tensions. Critics fear that the move could spark retaliation from major trading partners such as China, Canada, and the European Union, potentially triggering a global trade war.

Trump announced on Monday that he would unveil the new tariffs as early as Tuesday evening or Wednesday, while emphasizing that he would take a “kind” approach toward trade partners. Despite his conciliatory tone, the President remained firm in his belief that such measures are necessary to address what he perceives as unfair trade practices by other countries. He described the tariffs as a means to reclaim fairness for the US, promising that it would be a “Liberation Day” for the nation.

The tariffs could target specific industries, with Trump indicating that more details would be revealed soon. He reassured the public that the new measures would be relatively moderate, despite their potential scope.

However, some Republican lawmakers are already pushing back against Trump’s tariffs, particularly those that could affect Canada. Senator Susan Collins expressed concern that such measures would negatively impact Maine’s economy and announced her support for a resolution to block the tariffs. Senator Thom Tillis also indicated he might back the resolution, stressing the importance of addressing trade issues with adversaries before turning to allies.

Meanwhile, countries like China, South Korea, and Japan have moved to strengthen their trade relations in response to the uncertainty surrounding Trump’s tariff plans. The President, however, dismissed concerns that these countries might gravitate toward Beijing in response, even suggesting that the potential resolution of the TikTok issue could be linked to future tariffs on China.

The looming tariff announcement has already caused volatility in the stock market, with European and Asian indices seeing declines, though the Dow and S&P 500 managed to show modest gains. The uncertainty surrounding the tariffs, particularly after Trump suggested that they could apply to “all countries,” has intensified concerns about global economic stability. Reports have also surfaced that advisers to the President have floated the idea of imposing global tariffs as high as 20%, potentially targeting nearly all US trading partners.

Trump’s focus on tariffs is raising fears of a US recession, with analysts at Goldman Sachs increasing their forecast for the likelihood of a downturn from 20% to 35% over the next year.