Mr. Trump insists that these actions are his way of standing up for farmers and ranchers. Other nations such as Japan, China and India have charged higher tariffs than the U.S. for importing American farm goods.

"The best estimate of the loss from tariff policy is now closer to $30 trillion."Summers added that the tariffs were the most expensive and "masochistic" the US had imposed in decades.Mohamed El-Erian"The price action in global financial markets in the immediate aftermath of the US tariff announcement points to major worries about global economic growth,