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Australia says America will trigger a global recession

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Australian Treasurer Jim Chalmers says the U.S. is about to light a fuse under world markets with new tariffs and trade chaos.

He said the global economic fallout from Trump ’s new trade war has already cast a shadow over this budget.

The budget will include a $1.8 billion in new electricity bill subsidies, lasting six months .

Trump said on Sunday he’ll impose reciprocal tariffs and additional tariffs on specific sectors starting April 2 .

Jim said the budget will respond to new trade threats with policies designed to shield the economy.

He said the focus is now on keeping the economy stable, not rolling out more programs.

Trump 's new tariff regime, set to start in April , is adding major pressure to an already fragile global system.