Alarm over U.S. President Donald Trump's tariffs continues to grow, with stocks plummeting and JPMorgan warning that "the risk of recession in the global economy this year is raised to 60%, up from 40%.

Trump also slammed China, which retaliated against his sweeping tariff policy Friday with a new 34% tariff on U.S. goods.

The report branded the tariffs as a “functional tax increase” on US household and business purchases of imported goods.

JPMorgan Chase (JPM) shares fell more than 7% on Friday morning after Truist Securities cut its price target on the stock to $264 from $268, citing elevated recession risks and a more significant-than-expected drag on earnings from the Trump administration’s newly announced tariffs.

JPMorgan Chase & Co. has predicted that the United States economy will enter a recession this year, largely due to the impact of new tariffs announced by President Donald Trump, reported The Hill.In a note to investors released on Friday evening,

Global markets were in a freefall as Trump's 10 per cent tariffs took effect, leading the worst drop in Dow Jones, Nasdaq stock market index since pandemic.

Fed's Powell said the economy is in "good place," and officials must keep inflation controlled. His remarks suggest the possibility of fewer rate cuts

Trump’s move on Wednesday to place stiff new tariffs on imports from nearly all U.S. trading partners marks an all-in bet by the Republican that his once-fringe economic vision will pay off for Americans.