Chuck Schumer: ‘Make No Mistake About It, Donald Trump Is Teeing Up a Nationwide Recession’

EXCERPT:

SCHUMER: “Mr. President, make no mistake about it, Donald Trump is teeing up a nationwide recession. Less than a week after Donald Trump started the largest, dumbest trade war in American history, all the signs say America is heading towards calamity. A report by JP Morgan titled ‘There Will be Blood,’ warned ‘these policies, if sustained, would likely push the United States and possibly the global economy into recession this year. An update of our probability scenario tree makes this point, raising the risk of a recession this year to 60 percent.’ That’s the conservative, cautious, JP Morgan — 60 percent chance of recession. Barclays, meanwhile, said Donald Trump’s tariffs will cause inflation to nearly double as America enters a recession. HSBC, Deutsche Bank, Bank of America all said the same thing: the tariffs have made a recession more likely. And now today, Goldman Sachs are the ones saying danger. Some analysts say the damage is already done. Six trillion dollars of value have been wiped out.”