Let’s say tariffs cause just a slight dip in U.S. consumption. For emerging economies that export to the U.S., there will be “a sizeable impact,” said John Diamond, director of Rice University’s Center for Tax and Budget Policy. He said that’s because the U.S. makes up such a big percentage of the market.

President Donald Trump just enacted a new wave of tariffs on dozens of America’s trading partners, marking a substantial escalation in ongoing trade tensions that could constitute the biggest change to the global economy in nearly a century.