Businesses are warning that prices for many imported consumer goods are likely to rise soon, with potential shortages developing as early as next month. The high punitive tariffs on China, some reaching up to 145%, are at the center of these concerns. Unless the White House moves to reduce these tariffs, the economic impact could mirror the shortages experienced during the pandemic.

Global stocks took a surprising downturn after President Donald Trump announced a 90-day reduction on tariffs for over 75 trading partners. While the European Union pauses its countermeasures to negotiate, China has escalated the trade war by increasing tariffs on U.S. goods to a staggering 145%.

China is calling for a debate at the World Trade Organization to address trade turbulence resulting from tariffs imposed by President Trump. This move highlights escalating tensions between the two largest economies in the world.