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,
00:04a new JP Morgan report says it could cause a global recession.
00:08The newly announced tariffs, if enacted, would raise the U.S. tariff rate to 25%.
00:13That, according to the report, would hurt U.S. growth and drive up inflation.
00:17The new tariff increase would account for 2.2% of the total GDP,
00:21and it would add 2% to the current consumer price index.
00:25Of the tariffs, the report said,
00:26this shock will likely be magnified by its impact on sentiment and through the
00:30retaliation of countries facing significant increases in their tariff rates.
00:34Stocks 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.
00:42From New York City, I'm Kelsey Barberio with The Street.