Donald Trump has cemented tariffs as a cornerstone of his second-term strategy, rolling out a wave of taxes on both adversaries and allies under the banner of his “America First” ideology. The former president is now hinting at an even broader tariff push, pledging new reciprocal taxes on most of the United States’ trading partners this week to mark what he calls the country’s “Liberation Day.” However, financial institutions are voicing serious concerns, warning that this escalating trade war could hurt the broader economy—and possibly trigger a recession. Here’s how economists and financial experts are reacting.

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