Largest Tax Increase since 1968, and Trumptards are peeing their panties trying to defend it.
NEW YORK (Reuters) - U.S. President Donald Trump's cumulative tariff hikes amount to about 22%, which would be equivalent to the biggest U.S. 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 U.S. growth over the long run."