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J.P.Morgan ratcheted up its odds for a U.S. and global recession to 60%, as brokerages scrambled to revise their forecast models with tariff distress threatening to sap business confidence and slow down global growth.

JPMorgan is predicting that the U.S. and potentially the global economy could be pushed into a recession if Trump's reciprocal tariffs remain in place. "The risk of recession in the global economy this year is raised to 60%,

JPMorgan's Chief Economist Bruce Kasman has estimated a 60% likelihood of a global recession in 2025, a significant increase from the previous forecast of 40%.