The Street: JP Morgan, Goldman Sachs Warn of Recession, Interest Rate Changes
Article by Caitlin Cahalan in The Street
Donald Trump began suggesting tariffs on Canada, Mexico, and China shortly after the November election. However, the Trump administration surprised economists and industry analysts when it unveiled blanket 10% tariffs on virtually every U.S. trading partner that went into effect on April 5th.
Though some nations are only subject to the 10% flat rate, others —such as many of the top Southeast Asian manufacturers—have been levied tariffs up to 49%.
Though Trump has publicly declared that these tariffs are fair and will reverse the U.S. trade deficit, most prominent market players predict significant economic repercussions from this trade strategy.
JP Morgan, Goldman Sachs, S&P Global, and other major brokerages have increased the probability of a U.S. economic recession this year in light of pending trade wars. Top executives predict an economic slowdown with growing .....