The latest round of US import tariffs announced by President Donald Trump has raised concerns of a global economic slowdown, with many countries potentially slipping into recession, according to a top economist at Fitch Ratings.

Olu Sonola, head of US economic research at Fitch, warned that the new tariffs—ranging from 10% to 49% on imports from all countries—could have widespread consequences. "This is a game changer, not only for the US economy but for the global economy. Many countries will likely end up in a recession," Sonola stated in a note released on Wednesday.

The sweeping tariffs significantly raise the overall US tariff rate to about 22%, a level not seen since around 1910, according to Fitch’s analysis. Just last year, the average US tariff rate was 2.5%. Sonola emphasized that economic forecasts would need to be reconsidered if these tariffs remain in place for an extended period. "You can throw most forecasts out the door if this tariff rate stays on for an extended period of time," he wrote.

Treasury Secretary Scott Bessent suggested the tariffs could be adjusted depending on international responses, stating in an interview with Bloomberg that the new rates represented "the high end of the number, barring retaliation. We'll see where it goes from here."

Among the hardest-hit economies is China, which now faces a total tariff burden of 54%, including 34% from the latest round of reciprocal tariffs and 20% from previously existing duties. US allies have also been targeted, with Japan and South Korea seeing tariff rates of 24% and 25%, respectively. India, another major trading partner, faces a 26% tariff.

Southeast Asian nations—many of which serve as key supply chain hubs for companies diversifying away from China—have been particularly affected. Vietnam is facing 46% tariffs, while Thailand, Indonesia, and Malaysia are dealing with tariffs of 36%, 32%, and 24%, respectively.

The European Union, a long-time US ally, has not been spared either, with a 20% tariff imposed on its exports to the US. With global trade partners reassessing their strategies in response to these sweeping tariffs, concerns about economic slowdowns and potential recessions continue to grow.