Global Recession More Likely Than Not This Year, JPMorgan Says
The administration's plans will likely amount to a 20 percentage point increase in U.S. tariff rates, the bank said. The last increase that large, in 1968, was followed by recession, economists led by Bruce Kasman said.
Analysts said retaliatory tariffs by other countries, weakening business sentiment in the U.S. and supply chain disruptions will make things worse. Jeep maker Stellantis has already halted production at its auto assembly factories in Mexico and Canada.
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