Kelsey Barberio brings you the biggest news of the day, including why a U.S. recession is more likely than it was just a few months ago.
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00:00As President Donald Trump continues to implement tariffs on U.S. trade partners,
00:03a new JP Morgan report says it could cause a global recession. The newly announced tariffs,
00:09if enacted, would raise the U.S. tariff rate to 25 percent. That, according to the report,
00:14would hurt U.S. growth and drive up inflation. The new tariff increase would account for 2.2
00:19percent of the total GDP, and it would add 2 percent to the current consumer price index.
00:25Of the tariffs, the report said this shock will likely be magnified by its impact on
00:29sentiment and through the retaliation of countries facing significant increases in
00:33their tariff rates. Stocks have already felt the effects of Trump's announcement,
00:37as all major indexes opened deeply in the red on April 3rd.
00:40That'll do it for your daily briefing. From New York City, I'm Kelsey Barberio with The Street.