After President Donald Trump imposed massive tariffs on U.S. trading partners on Wednesday, U.S. and global markets plunged perilously ― enough that JPMorgan is saying a recession is “likely” if the policies continue.

The internet poked fun at the Trump administration’s decision to impose new tariffs on Heard Island and McDonald Islands, Australian territories near Antarctica where many penguins but no people live.

This week, social media erupted after Trump’s April tariff announcements led to penguin tariff memes spreading like wildfire. On April 2, 2025, the president declared a national economic emergency and imposed sweeping new tariffs, starting at 10%, on imports from nearly every country.

President Donald Trump’s sweeping new tariffs are facing blowback from all corners – a market sell-off, foreign retaliation, anger from corporate America and skepticism from the Federal Reserve chairman and some allies in Congress.

A new wave of tariffs could raise costs for energy producers, including oil and gas companies, as well as solar and wind firms.