Analysts at JP Morgan, the marketing side of JP Morgan Chase & Co., adjusted their prediction Thursday that the United States would experience a recession in the next year, raising their forecasts to a whopping 60 percent from an already troubling 40 percent, according to The Wall Street Journal.
Analysts predicted that retaliatory tariffs could lead to huge disruptions in the supply chain, and that the tariff rate, which they expect to increase by 20 percentage points, would be equivalent to the biggest tax hike since 1968, which also led to a recession, according to Reuters.
When Trump was asked about the crashing markets Thursday, Trump responded, “I think it’s going very well.” Blatant denial seems to be the name of the game messaging-wise, as the White House insisted that it was not watching the market.
Canadian Prime Minister Mark Carney announced Thursday that the era of U.S. global leadership on trade was “over,” and said his country would begin looking elsewhere for trade partnerships.
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