Trump's imposition of new global tariffs could backfire on the US economy.

According to CNN, on April 2nd (Washington time), President Donald Trump declared a national economic emergency and announced tariffs of at least 10% on all countries, with even higher tariffs for 60 countries deemed "the worst violators."

China is the country most severely affected. It is the second-largest importer of US goods, after Mexico. China will now face a 54% tariff under the new policy. Beijing, along with the EU, Japan, and South Korea, has threatened to impose retaliatory tariffs.

The US and European stock markets fell sharply on the morning of April 3rd following President Trump's decision to impose tariffs. This move by the US leader is seen as potentially escalating the growing trade war and disrupting the global economy.

The Business Roundtable, a group of top American CEOs, has warned that President Donald Trump's latest tariffs could backfire on the U.S. economy.

“Universal tariffs of 10-50% risk inflicting significant damage on American manufacturers, workers, families, and exporters,” said Joshua Bolten, CEO of Business Roundtable. “The damage to the U.S. economy will increase the longer the tariffs are in place and could be exacerbated by retaliatory measures.”

Bolten, who is also a former chief of staff to President George W. Bush, said the business roundtable supports Trump's goal of "securing better and fairer trade deals," including reducing tariffs on American goods.

Mr. Bolten said the CEO group urged the administration and top trading partners to "quickly" reach trade agreements to "eliminate these tariffs."

Bolten said: “While negotiations are ongoing, we strongly encourage the administration to implement additional reasonable exemptions and to establish a transparent, predictable exclusion process.”

The members of the Business Roundtable include more than 200 CEOs of leading American companies, and the board of directors includes GM CEO Mary Barra, Apple CEO Tim Cook, and JPMorgan Chase CEO Jamie Dimon.

The American Petroleum Institute, a trade group representing the oil and gas industry, issued a statement welcoming President Trump's decision to exclude oil and natural gas from the new round of tariffs.

Oil prices fell 3% on the evening of April 2nd (Washington time) as investors worried that a sharp escalation in the trade war would harm the global economy.