JPMorgan Warns Recession Could Hit U.S. This Year

JPMorgan Chase has issued a dire warning about the future of the U.S. economy, predicting a recession in 2023 due to President Trump’s recent announcement of sweeping tariffs on trading partners. The bank now expects the US GDP to shrink by 0.3% this year, down from its previous forecast of 1.3% growth. JPMorgan Chief U.S. economist Michael Feroli attributed this contraction to the impact of tariffs. 5.3% unemployment is expected over time as a result.