Internet reports that Asian stock markets generally suffered heavy losses today due to the market's difficulty in absorbing last week's earthquake-like tariff impact. Taimur Baig, chief economist at DBS Bank, said "Risk aversion and market sell-off do not seem to be over" because there are still fears that more measures will be introduced. The United States may raise secondary tariffs, and regions and countries such as the European Union may target U.S. service exports. He wrote in a report that the Fed will then be pressured to cut interest rates, although inflation remains well above target levels and global financial stability may be threatened. DBS believes that there is a 45% chance that economic growth is below trend and inflation is above trend. The agency puts a 35% chance of a U.S. recession, which will put pressure on the prospects of Asia's export-dependent economies.