On March 28, 2026, the United States experienced the third wave of large-scale “No Kings” protests, with organizers claiming participation numbers reaching millions across the country and abroad. Protesters mainly oppose the Trump administration’s Iran war, hardline immigration policies, and rising living costs, which have triggered a chain reaction in the global economy.

Major Economic Impacts:
Energy Prices Surge: The Iran conflict has severely disrupted shipping through the Strait of Hormuz, causing Brent crude oil prices to rise from around $70 per barrel before the conflict to a peak of $100-120 per barrel. U.S. gasoline prices have risen to nearly $4 per gallon. Experts warn that if the conflict continues, oil prices could further spike to $150-200 per barrel, triggering an energy crisis similar to the 1970s.
Inflationary Pressures Intensify: Rising energy costs directly increase transportation, logistics, electricity, and daily living expenses. Coupled with previous tariff policies, this could lead to a global inflation rebound. Institutions like the IMF note that every 10% increase in energy prices could raise global inflation by 0.4% and slow economic growth.
Financial Market Volatility: War and policy uncertainties have caused declines in U.S., European, and Asian stock markets, with investors shifting to safe-haven assets. Some analyses suggest this has wiped out trillions of dollars in market value and increased the risk of a global recession.
Trade and Supply Chain Disruptions: Tariff measures by the Trump administration have already affected exports to the U.S. from multiple countries. The war further disrupts Middle Eastern energy and chemical supply chains, leading to higher prices for fertilizers, aluminum, and chemical products, potentially impacting global agriculture and manufacturing. Emerging markets and Asian countries are hit hardest.
Employment and Growth Slowdown: High energy prices may suppress consumption and investment. Some U.S. industries such as retail, hospitality, and transportation face employment pressures. The IMF previously forecast global economic growth of about 3.3% in 2026, but ongoing war and geopolitical risks increase uncertainty. If the conflict prolongs, growth forecasts could be significantly downgraded.
Protesters argue that these policies are exacerbating “self-inflicted” economic pressures and call for prioritizing peace and livelihoods. The Trump administration emphasizes that policies aim to safeguard America’s long-term interests and energy dominance, asserting that short-term pain will lead to stability, and notes that oil prices have already retreated due to negotiation signals.
Overall Assessment: The current impacts are mainly energy shocks and market volatility, with the long-term outlook depending on the duration of the Iran conflict, tariff adjustments, and international coordination. The global economy shows some resilience, but uncertainty has increased significantly.