Investment banking company Goldman Sachs has released a new prediction that the U.S. has a 35% chance of entering a recession in the next year, according to a March 31 Forbes report.
Previously, the recession prediction for the next year sat at 20%. The hike is due to new tariffs imposed by President Donald Trump that have taken effect over the last month.
Several economists agree that these tariffs are making the U.S. economy ripe for recession, according to the report.
Goldman Sachs predicts the cost of all consumer goods to rise by 15% amid levied high tariffs. Economists also predict that at the end of 2025, inflation will be at 3.5% and unemployment will be at 4.5%. This is the highest unemployment prediction since October 2021.
On March 30, President Trump claimed that he would be announcing tariffs on April 2 on “all countries” with high import taxes. This is a reversal of last week’s announcement that a new wave of tariffs would be “more lenient,” according to Forbes.
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