Trump's tariff stick will cause skyrocketing prices of oil, cars, and avocados in the United States! Fitch Ratings Chief Economist: Trade war could lead to a $300 billion annual decline in US GDP. Fitch Ratings Chief Economist pointed out that if Trump significantly increases tariffs in the next term, US GDP will decline by 0.4% to 0.8% in the short term. If US trading partners also respond by raising tariffs, GDP may decline by 1.1% and be more persistent. As a reference, the GDP of the United States in 2023 is $27.36 trillion. Even if it decreases by 0.4%, it is equivalent to a loss of about $109 billion per year. If it decreases by 1.1%, it means a loss of over $300 billion per year.