Larry Summers says there is a real possibility of a recession, which he calls the result of a ‘self-inflicted wound’

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• On Jan. 1, no one thought there was a chance of a recession, former Treasury Secretary Larry Summers said, but that’s changed in the midst of all the policy uncertainty, namely ever-changing tariffs. He sees the recession risk near 50%. 

President Donald Trump’s fluctuating tariff policy has throttled the stock market and stoked recession fears—so much so that Goldman Sachs’chief economist on Tuesday downgraded the entire U.S. economy. And former Treasury Secretary Larry Summers is chiming in.