Ever since President Donald Trump introduced his first set of higher tariffs, it’s been a waiting game to see just how big an impact they’ll have on the global economy.

South Korea’s economy contracted in the first quarter after large-scale wildfires and political turmoil over its president’s impeachment suppressed consumer sentiment and business activities.

The outlook for the US and global economies this year and next has significantly worsened in the wake of the uncertainty President Trump's tariffs have created.