Trump placed tariffs totaling 145% on China, leading China to retaliate with tariffs of 125% on the U.S. — essentially triggering a trade war between the world’s two largest economies with the potential to bring on a recession.

Reagan-era economist and Trump fan Art Laffer said in a recent interview he believes President Donald Trump's tariffs have brought about the "most scary" U.S. economic period ever.

Nobel Laureate Paul Krugman warns that President Trump's unpredictable and often reversed tariff policies are creating deep uncertainty, discouraging business investment and thus increasing the risk of recession.