Nor about how that decision will affect the world’s economies and markets for months, if not years to come. But short-term financial effects in the United States will be felt – at least initially – through higher market volatility and higher gas prices. And, depending on how long it lasts, the turmoil raises the risk of creating higher consumer prices, greater inflation and a recession. Or the spring of 2025, when President Donald Trump launched his “Liberation Day” tariffs on friend and foe alike. “Right now, the tangible result of the war is higher oil prices, which is like a tax on consumers.

Source: CNN March 13, 2026 15:01 UTC