Overview

• JPMorgan Chase CEO Jamie Dimon stated that a recession is a 'likely outcome' due to market instability caused by President Trump's newly imposed tariffs.
• Major U.S. bank stocks, including JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup, saw significant declines, with some dropping over 4% in trading on Wednesday.
• The Dow Jones Industrial Average has fallen approximately 10% since the announcement of tariffs, reflecting heightened uncertainty in global financial markets.
• The Trump administration's tariffs, targeting 60 countries and increasing existing rates to 20%, have exacerbated concerns of a global economic slowdown.
• While some financial experts predict a mild recession, others, like Goldman Sachs, suggest minimal GDP growth could avert a downturn unless tariffs escalate further.