President Trump's recent implementation of large tariff hikes has caused a significant stock market downturn, heightening recession worries among economists and Wall Street. The tariffs, set to impose a 10% duty on nearly all countries and additional taxes on 60 nations, have led Goldman Sachs to raise its recession probability to 45% from 35%, while JPMorgan projects a 60% chance. Economists express concerns these tariffs will disrupt global supply chains, lead to inflation peaks of 4.4%, and dampen consumer confidence. Despite extensive job gains thus far, surveys indicate growing unease about the economic climate.