Recent assessments by financial experts indicate a growing likelihood of recession in the U.S., primarily attributed to tariffs impacting both domestic prices and exports. Firms such as PIMCO have raised recession odds to 35%. There is concern that the 25% tariffs on steel and aluminum will exacerbate consumer prices and hinder trade with Europe. Notably, American credit card debt has reached a historic high, further stressing consumers' purchasing power and raising concerns about the economy's overall stability as consumer spending is crucial to GDP.
Over the past three weeks, more and more economists and bankers have increased their odds that the United States will fall into a recession.
Americans have taken on record levels of credit card debt... Credit card debt hit $1.21 trillion in the fourth quarter of last year.
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