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J.P. Morgan Predicts U.S. Recession Amid Tariffs
April 06, 2025
|The Business Guardian
J.P. Morgan has predicted that the United States economy will likely fall into a recession this year, largely due to the impact of new tariffs announced by President Donald Trump.
In a note to investors released on Friday evening, the firm's chief U.S. economist, Michael Feroli, said that the country's gross domestic product (GDP) is expected to contract "under the weight of the tariffs."
According to a report by news website The Hill, Feroli added that the recession is also forecasted to "push the unemployment rate up to 5.3 percent."
This gloomy outlook came shortly after President Trump announced, on April 2, the imposition of reciprocal tariffs on many countries. The move is part of his administration's attempt to rebalance trade relationships with major U.S. trading partners.
Federal Reserve Chair Jerome Powell also expressed concern about the potential impact of these new tariffs.
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