Global markets crash: Is US recession unavoidable after Donald Trump tariffs?

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Global markets crash: Is US recession unavoidable after Donald Trump tariffs?

AIMPWA

April 5, 2025

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The reciprocal tariffs announced by US President Donald Trump have raised fears of global recession amid a strong market crash.

“We now expect real GDP to contract under the weight of the tariffs, and for the full year (4Q/4Q) we now look for real GDP growth of -0.3%, down from 1.3% previously,” according to a report by Bloomberg citing JPMorgan Chase & Co chief US economist, Michael Feroli.

“The forecasted contraction in economic activity is expected to depress hiring and over time to lift the unemployment rate to 5.3%,” Feroli added.

A 10% baseline tariff would be imposed on all imports, while separate rates were announced for certain trading partners. Post the announcement, the S&P 500 index of US stocks dropped the lowest level in 11 months, wiping away $5.4 trillion of market value in just two trading sessions to close out the week.

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