JP Morgan raised its forecast for a global recession this year to 60%.

Bruce Kasman, chief economist at JPMorgan Chase, said that if the tariffs announced by the Trump administration on US trading partners continue, they could push the US and global economy into recession by 2025. "The risk of a global recession this year has increased from 40 per cent to 60 per cent," Mr. Kasman said in a note on Thursday. He called the tariffs the largest tax increase on US households and businesses since 1968. He also said the impact of the tax hike was likely to be amplified through retaliation, falling business sentiment and supply chain disruptions.