JP Morgan Downgrades US Growth
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aggressive tariffsTelegraph
•US Politics
US Politics
Trump’s tariffs will tip America into recession, warns JP Morgan
70% Informative
JP Morgan downgrades US growth by 1.6 percentage points for this year , while predicting far higher unemployment.
The bank's warning came as America ’s baseline 10pc levies on almost all countries, including Britain , took effect.
It followed China imposing its own retaliatory tariffs of 34pc on all US imports on Friday .
Chancellor slashed welfare benefits to restore 9.9bn of fiscal headroom at Spring Statement .
Office for Budget Responsibility warned full-blown trade war risked wiping out margin of error.
This means that after a record 40bn tax-raising Budget in October , Ms Reeves may be forced to come back for more tax rises.
Mr Trump has vowed to persist with aggressive tariffs despite last week's market bloodbath.
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