United States 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 all 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?

Presenter: James Bays

Guests:

Steven Okun – founder and chief executive of APAC Advisors

Philippe Legrain – political economist and senior visiting fellow at the European Institute of the London School of Economics

William Lee – chief economist at the Milken Institute