"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

The 15% tariff would be lower than previously threatened, but it would remain a high duty on America’s largest trading partner.

The Trump administration touts tariffs as part of a wider set of "America First economic policies," which have "sparked trillions of dollars in new investment in U.S. manufacturing, technology, and infrastructure," according to the White House's website.

Donald Trump's tariff announcement and pause roiled and reinvigorated Wall Street. The wild ride for stocks truly began following the close of trading on April 2. This day, common

Acknowledging the complexity of negotiating with over 170 nations, Trump told reporters before departing for Iowa on Thursday that the letters will be sent to 10 countries at a time, laying out tariff rates such as 20% to 30%. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here.

Most of the tariff rates, shared on his Truth Social platform ... The dollar extended gains after Trump’s announcement, hitting the highest level in more than a week against a basket of peers. The currencies of South Korea, South Africa and Japan ...

In April, US President Donald Trump announced he was introducing sweeping new tariffs, extra taxes that importing firms have to pay if they bring in goods from abroad. Since then some of the US's major trading partners including the UK,