Investment bank JPMorgan downgraded its recommendation for emerging currencies to "underweight" on Thursday after U.S. tariffs exceeded its worst-case scenario. U.S. President Donald Trump late on Wednesday announced "reciprocal" tariffs ranging from 10% to above 40%.

Tariffs the Trump administration announced on US trading partners would likely push the US and possibly the global economy into a recession in 2025 if they remain in place, according to JPMorgan’s top economist.

A day after issuing a scathing assessment of President Donald Trump's key economic agenda, JPMorgan’s top economist raised estimates the odds of a global recession at 60%. Analysts at JPMorgan Chase warned late Wednesday that the impact of Trump’s new set of tariffs — which they dubbed “the largest tax increase since the Revenue Act of 1968" —

U.S. President Donald Trump's cumulative tariff hikes amount to about 22%, which would be equivalent to the biggest U.S. tax increase since 1968, according to a note from JPMorgan. The bank has raised its risk of global recession to 60%,

A global recession is more likely than not this year, thanks to Wednesday's tariff broadside from the U.S. That's the opinion of JP Morgan analysts who raised their forecast to 60% Thursday. That's up from 40% before President Trump's Wednesday afternoon announcements sent markets tumbling.

President Donald Trump's tariffs sent shockwaves through markets on Thursday — and Wall Street is reeling. Money managers, brokers and bankers, described what the Wall Street Journal called "unprecedented shock" and fear that massive economic gainst since the pandemic may have ended.

Global markets on Thursday were severely rattled by President Donald Trump’s historic tariff announcement, which threatens to throw the US and the rest of the world into a recession.

Trump's universal 10% tariffs will take effect April 5, while the ostensibly "reciprocal" tariff rate — calculated using an unconventional, to put it mildly, formula based on trade deficit in goods — will be live April 9.

Many people are using the news as a source for humor ― and, yes, the Trump tariff memes have been on fire ever since. And since Trump inexplicably