"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,

Mega-cap tech stocks led the rout, with Apple posting its worst two-day drop since March 2020. Financial stocks also suffered steep losses.

President Donald Trump has routinely declared tariffs as one of the most beautiful words in the dictionary and has regularly accused foreign countries of ripping off the U.S.