JPMorgan Chase raises its forecast for a global recession this year to 60%

Odaily News Bruce Kasman, chief economist at JPMorgan Chase, said that if the tariffs announced by the Trump administration on U.S. trading partners continue, it could push the U.S. and even the global economy into recession in 2025. "The risk of a global recession this year has increased from 40% to 60%," Kasman said in a note on Thursday. He called the tariffs the largest tax increase on U.S. households and businesses since 1968. He also said that the impact of this tax increase is likely to be amplified through retaliation, declining business sentiment and supply chain disruptions. (Jinshi)