Al Jazeera English: What could be the fallout from President Trump's tariffs? | Inside Story

President Donald Trump has called it 'Liberation Day' - but world leaders say his new round of tariffs is likely to trigger a global trade war. The White House announced the tariff rates will vary depending on the country - but nearly nations will ultimately be affected. The move has led to fury in China, dismay in Europe and confusion around the globe. Trump says the tariffs are payback- a way to free the US from reliance on foreign goods and boost manufacturing at home. But for now, they are also fuelling fears of a recession and making global markets nervous. So how will the world economy manage? And will trading partners drift further away from America and build alliances elsewhere?