The US economy is in chaos as Donald Trump continues to push ahead with his tariff plan. 

The US President's confirmed Australia won't be exempt from new 25% tariffs on steel and aluminium imports, and has announced 50% tariffs on Canadian steel and aluminium imports. 

This is in response to Ontario's now-suspended 25% surcharge on electricity exports. 

US Correspondent Richard Arnold told Mike Hosking that investment giant Goldman Sachs says there is now a 1-in-5 chance of a recession in the US. 

Arnold says that while the average American is yet to feel this in full, they certainly will. 

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