NEW YORK (April 3): US President Donald Trump's cumulative tariff hikes amount to about 22%, which would be equivalent to the biggest US tax increase since 1968, according to a note from JPMorgan.

The bank has raised its risk of global recession to 60%, up from 40% previously, and said the tariff impact could be "magnified by retaliation, supply chain disruptions, and a sentiment shock".

The note cautions that "sustained restrictive trade policies and reduced immigration flows may impose lasting supply costs that will lower US growth over the long run".

JPMorgan added that these policy actions could evolve in the coming weeks, that "the US and global expansions stand on solid ground and should be able to withstand a modest-sized shock".

Read also:
Trump tariffs provoke world condemnation and fears of a US$2,300 iPhone
Trump open to tariff cuts in return for ‘phenomenal’ offers
Trump administration sued over Chinese import tariffs 
Here are Trump’s reciprocal tariffs by country 
Malaysia hit with 24% US reciprocal tariff effective April 9 

Uploaded by Liza Shireen Koshy