India, April 5 -- JPMorgan Chase & Co on Friday said that it expects the US economy to fall into a recession this year after President Donald Trump's reciprocal tariff announcement. The 78-year-old, earlier this week, revealed that the United States will charge at least a 10% tariff on practically all goods imported to the country. China retaliated by announcing 34% tariffs on American goods.

"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," JP Morgan's chief US economist, Michael Feroli, said Friday.

"The forecasted contraction in economic activity is expected to depress hiring and over time to lift the unemployment ra...