1. United States
2. Iowa
3. Letter

The Trump administration's tariffs on imported goods are fueling fears of an impending recession in the United States and globally. Several major banks have increased their forecasts for a recession occurring, with Goldman Sachs raising the probability to 45% and JPMorgan putting the risk of a global recession at 60%. These tariffs will likely increase inflation, slow economic growth, and potentially trigger layoffs as businesses struggle with higher costs. The recent jobs report showed strength, but economists warn the tariffs could quickly undermine consumer confidence and spending, setting off a recessionary cycle. A recession would have far-reaching consequences, from lower employment to deteriorating markets and higher borrowing costs. Congress has the power to stop this harmful trajectory by halting the tariffs, which are rattling consumers, disrupting supply chains, and escalating a destructive trade war with major consequences for the economy.