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Fortune
Fortune
Christiaan Hetzner

‘There will be blood’: JPMorgan raises recession risk to 60% as global stock market sell off continues

U.S. President Donald Trump arrives to speak during a “Make America Wealthy Again” trade announcement event. (Credit: Chip Somodevilla—Getty Images)
  • Bank economists estimate Trump's tariff increase would cost U.S. households $700 billion, equivalent to the largest de facto tax hike levied since LBJ's Revenue Act of 1968 financed his war in Vietnam.

President Donald Trump’s package of tariffs to be levied starting next week could plunge not just the United States into recession but the entire world along with it. 

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