#CryptoTariffDrop #TrumpTariffs
JPMorgan has raised the probability of a global recession this year to 60%, driven by the economic shock stemming from a sweeping U.S. tariff hike announced on Liberation Day.
The move marks the largest tax increase on U.S. households and businesses since 1968, and could trigger a significant downturn if fully implemented, the Wall Street giant warns.
The new tariff regime includes a baseline 10% levy on all imports, with higher rates—up to 20% or more—targeted at countries running trade surpluses with the U.S., notably China and the European Union (EU).
JPMorgan estimates this will lift the average effective tariff rate by 22 percentage points, translating to a $700 billion tax increase, or 2.4% of GDP.