A recent report from JPMorgan suggests that President Trump's tariffs have reached around 22%, marking the largest U.S. tax increase since 1968. JPMorgan has revised its assessment of a global recession risk from 40% to 60%, citing potential effects of tariffs, such as retaliation, supply chain disruptions, and a negative impact on sentiment. The report warns that prolonged trade restrictions and reduced immigration could result in long-term supply costs that impede U.S. growth. Despite these concerns, JPMorgan believes that both the U.S. and global economies are robust enough to withstand moderate shocks, but the situation could develop further in the coming weeks.