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President Trump laid out his long-awaited tariff plans — and Wall Street economists are reacting with recession warnings.

Layoffs jumped in March as the Department of Government Efficiency's reductions to the federal workforce made up more than three-quarters of the 275,240 job cuts tracked by the firm Challenger, Gray & Christmas.

WASHINGTON (Reuters) -U.S. Federal Reserve officials who have said they needed more details before estimating the economic impact of President Donald Trump's trade plans got perhaps more than they bargained for on Wednesday when he unveiled sweeping tariffs analysts say could dramatically reshuffle the country's economic outlook. The levies, which Trump gleefully displayed as a globe-spanning leaderboard of import tax rates, feature a baseline 10% for major trading partners like the European Union, higher still at 25% for Canada and Mexico, a massive 46% on Vietnam and potentially more than 50% for China. Within hours economists were penciling in a U.S. recession and drawing comparisons with the 1930s and even the late 1800s, early in the country's industrial development.

The Federal Reserve's fight against inflation just got more complicated as President Donald Trump's tariffs could push up inflation and increase the chances of a recession, economists said.

SINGAPORE/LONDON (Reuters) -Emerging economies worldwide are bracing for sliding currencies and a possible deterioration of their sovereign credit after U.S. President Donald Trump's tariffs brought levies on U.S. imports to their highest levels in 100 years. It could mark a negative turning point for emerging market debt just as many nations had hoped to lure investments after years of risk aversion. "We are immediately concerned by the potential impact of the severe tariffs imposed on a range of emerging economies — an approach which risks further damaging the development prospects of countries already facing worsening terms of trade," said John Denton, Secretary-General of the International Chamber of Commerce.

Morgan Stanley said on Thursday it expects the U.S Federal Reserve will not cut rates this year due to potential elevated inflation levels on the back of Trump's latest tariffs. Trump on Wednesday imposed a 10% baseline tariff on all imports to the U.S. and higher duties on dozens of other countries. The Wall Street brokerage had earlier expected a 25 basis point cut in June.

Tariffs introduce uncertainty into an EV supply chain that companies are investing billions of dollars in, according to the trade group.