JPMorgan questions viability of market hopes over Trump administration
JPMorgan, the biggest bank on Wall Street, is questioning the viability of one of the market's core hopes over the Trump administration. The bank's chief economist, Bruce Kasman, expressed concerns about the administration's recent tariff announcements on Canada, Mexico, and China, stating that the policy mix may be tilting towards a business-unfriendly stance. JPMorgan's economists were surprised by the announced tariffs, which they believe will throw Canada and Mexico into recession and have negative spillovers to the US. The bank also discussed potential unintended consequences, such as the impact of deportations and a slowing inflow of new immigrants on the US economy.