J.P. Morgan raises its forecast for the global recession this year to 60%.

[JPMorgan Raises Global Recession Forecast to 60%] JPMorgan's chief economist Bruce Kasman stated that if the Trump administration's tariffs on U.S. trading partners continue, it could push the U.S. and global economy into recession by 2025. In a statement on Thursday, Kasman said, "The risk of a global recession this year has risen from 40% to 60%." He described the tariffs as the largest tax increase on American households and businesses since 1968. He also noted that the impact of this tax increase is likely to be amplified through retaliation, declining business sentiment, and Supply Chain disruptions.