According to online reports, Bruce Kasman, chief economist at JPMorgan Chase, said that if the Trump administration announced that the tariffs imposed on U.S. trading partners would continue, it would likely push the U.S. and even the global economy into recession in 2025. "The risk of a global recession has increased from 40% to 60% this year," Kasman said in a note on Thursday. He called the tariffs the largest tax increase on American households and businesses since 1968. He also said that the impact of this tax increase is likely to be amplified through retaliation, declining business sentiment and supply chain interruptions.