Trump considers bombshell 20% global tariff on all imports sparking concerns of worldwide recession

Donald Trump is expected to impose yet more hiked tariffs on imports coming into the US.

President Trump has already rubbed his neighboring countries the wrong way having threatened hiked tariffs on imports from Canada, Mexico, and China — some of which have since come into effect.

The world watched on nervously as Trump proposed the controversial plans, and now he's believed to be bringing in hiked tariffs on almost all global imports.

Donald Trump is set to announce his new tariff plans on Wednesday (Andrew Harnik/Getty Images)

According to sources who spoke to the Wall Street Journal, Trump advisors are considering plans to impose 20 percent tariffs on nearly all the countries the US trades with ahead of an expecting announcement on Wednesday (April 2), which Trump himself has hailed as 'Liberation Day'.

But it seems as if not all of those close to Trump are onboard with this.

"No one knows what the f**k is going on," a White House ally told Politico.

"What are they going to tariff? Who are they gonna tariff and at what rates? Like, the very basic questions haven’t been answered yet."

While Trump is yet to make any announcements, the US stock market has already been affected.

As per Fortune, reporting yesterday (March 30), Dow Jone Industrial Average (DOW) dropped 0.41 percent and the S&P 500 fell 0.77 percent. Meanwhile, Nasdaq futures sank 1.4 percent.

The US stock market is already being negatively impacted (Spencer Platt/Getty Images)

It's not just the US stock market that is likely to be affected, but the global market too.

With this in mind, Ireland’s deputy premier is calling calling for a 'calm' and 'measured' response as the country braces itself for Trump's tariff announcement.

Tanaiste Simon Harris is due to hold calls with Dutch trade minister Reinette Klever and Danish foreign minister Lars Løkke Rasmussen this morning.

Harris — who is Ireland’s minister for foreign affairs, trade and defence — will also host Croatian foreign minister Gordan Grlic-Radman in Dublin on this afternoon.

He is expected to emphasise the importance of the European Union working closely together in a 'calm, strategic and measured fashion' while continuing to engage 'positively' with the US.

"How Ireland and the EU respond to the coming days and weeks won’t just impact the months and years ahead but our economic model and wellbeing for the next generation," the Tanaiste is to say, as per PA.

Other EU countries are also exposed to Trump’s tariff threats; Germany and Slovakia are among those most impacted by a 25 percent tariff on cars taking effect in April.