Author(s): Je-hyun Lee, Taihoon Kim, Yong-Chae Chung
The economic fallout is already being felt globally. Gas prices across the U.S. jumped $0.11 overnight on Tuesday. While Trump insisted Tuesday oil prices would eventually drop “lower than even before,” the immediate reality is one of mounting uncertainty and geopolitical friction. Allies including Spain and the U.K. refused to participate in the initial strikes, with Spain’s President Pedro Sánchez declaring the war a violation of international law, prompting Trump to respond by threatening to cut off trade with the country.
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