Trump’s Tariff Shock: JPMorgan warns of recession, job losses, shrinking GDP, and soaring prices

J.P. Morgan has become the first major Wall Street institution to officially forecast a U.S. recession in 2025, blaming President Trump's sweeping new tariffs. The banks chief economist, Michael Feroli, warned that the economic fallout will include higher inflation, slower growth, and rising unemployment. As financial markets reel and global partners threaten retaliation, pressure mounts on the Federal Reserve to cut interest rates. With consumers squeezed and uncertainty growing, the U.S. economy could face a painful return to stagflation.