The global financial markets faced a rout as investors reacted to President Trump's new tariffs on key trading partners. Concerns about a potential global trade war have surged, with expectations of higher manufacturing costs, increased inflation, and declines in investment. JP Morgan has raised the probability of a global recession to 60% due to these trade policies. Asia has been particularly affected, with countries seeking new trade deals in response. China retaliated by imposing tariffs on U.S. goods. Analysts warn of long-term implications for the global economy.
"Sometimes you have to take medicine to fix something," Trump told reporters aboard AirForce One on Sunday evening.
JP Morgan said last week it believes the odds of a global recession are now at 60% by the end of the year, compared to 40% before Trump's vast array of tariffs was announced.
Deutsche Bank warned in a research note that as Trump doubles down, the new tariffs would have 'immense global implications for 2025 and the years and decades ahead.'
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