1. United States
2. Calif.
3. Letter

Trump's sweeping new tariffs on imports from dozens of countries have sent shockwaves through global financial markets, triggering the worst week for US stocks since the Covid-19 crash in 2020. The escalating trade war has wiped out trillions in stock market value and raised fears of a global recession. China has retaliated with retaliatory tariffs on US goods and curbs on mineral exports, while the EU is also planning countermeasures. Analysts now put the odds of an economic downturn at 60%, warning Trump's import taxes could shave 2 percentage points off US growth. Small businesses are bracing for severe impacts, with some facing potential closure due to expected price hikes of 30-40% on affected goods. Apart from stoking inflation and consumer costs, the tariffs threaten to disrupt integrated global supply chains and curb international trade flows. Given the catastrophic economic risks, I urge stripping the President's power to impose such wide-ranging tariffs unilaterally without Congressional approval to prevent further escalation of destructive protectionist policies that undermine the US and global economy.