NEW YORK, April 4 -- JPMorgan has raised the risk of a global recession to 60 per cent following the Trump administration's announcement of sweeping tariffs on US trading partners.

According to Bloomberg, Bruce Kasman, the bank's chief economist, warned that the tariffs represent the largest tax hike on American households and businesses since 1968.

"The effect of this tax hike is likely to be magnified - through retaliation, a slide in US. business sentiment, and supply chain disruptions," Kasman wrote in a note titled, "There will be blood."

Several Wall Street firms echoed similar concerns, with some making a US recession their base case as they assess the economic impact of US President Donald Trump's so-called "Liberation Day" tar...