The International S&P Global credit rating firm has announced that it is reviewing all its macroeconomic forecasts following the sweeping trade duties imposed by Donald Trump this week, in a move that is likely to feed concerns about new wave.

The house, which evaluates the creditworthiness of thousands of companies and over 130 countries, said the scope and size of the US president’s new duties exceeded most of the expectations.

He said he would publicize his revised forecasts next week, although initial estimates include jumping on American inflation that puts him closest to 4% to the end of the year, compared to 3% that was the previous estimate of the house.

The impact on US GDP will depend on the level of retaliation by Washington’s trade partners as well as how to use duties, especially if they will finance tax cuts, according to S&P. Even based on the scenario of tax cuts and “relatively mild” retaliation, GDP growth is likely to be lower by three to four tenths of the percentage point compared to the most recent forecasts of the house.

Development of development forecasts are likely to be done for the rest of the world. Large economies, such as the eurozone and China, are likely to see smaller revisions, about a quarter of the percentage percentage per year, while other ‘more open’ economies with large US trade will probably see more important revisions.