Concerns over U.S. President Donald Trump’s tariffs are escalating, with JPMorgan increasing the likelihood of a global recession this year to 60%, up from 40%. Following China’s announcement of new 34% tariffs on American goods, the S&P 500 experienced significant losses, dropping 4.8% in trading. The Dow Jones Industrial Average also fell by 4.3%, reflecting market instability. Lindsay Owens, executive director of the Groundwork Collaborative, stated that Trump’s policies have severely impacted the economy. Economists warn that the tariffs could lead to a major economic downturn, with some even predicting a depression. JPMorgan’s Bruce Kasman noted that the tariff increase could be the largest U.S. tax hike since 1968. If sustained, these policies could push the U.S. and possibly the global economy into recession. Other financial firms, including Barclays and Deutsche Bank, have also warned of potential recessions. The full impact of these tariffs remains uncertain, but experts agree that prolonged tariffs could severely disrupt global markets. — new from Common Dreams