President Donald Trump's "reciprocal" tariffs on dozens of countries were set to take effect on Wednesday, including massive 104% duties on Chinese goods, deepening his global trade war even as he prepared for negotiations with some nations.

Bank analysts are busy raising their estimates of the likelihood of a global recession this year. JPMorgan Chase now puts the chances at 60%. There are also more precise measures of investors’ expectations for global growth.

Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike,

The new wave of President Trump’s tariffs starts at midnight. NBC News’ Christine Romans and Melanie Zanona have the latest reporting. Veda Partners managing partner and director of economic policy research Henrietta Treyz and staff writer at The Atlantic Ashley Parker join Chris Jansing to provide more insight on the potential impact.

The older you are, and the more likely you are to get laid off, the more important it is to have liquid savings.

Trump's sharp tariff hikes last week have heightened many economists' worries that the US could tip into recession.

One economist told Channel 2’s Richard Elliot that a recession is inevitable. Georgia Tech economics professor Tibor Besedes specializes in international trade. He said the tariffs are based more on politics than on any economic theory and that the formula used by the White House to calculate them is fundamentally flawed.

More: Are we going into a recession? Why it's not too late to prepare. Need a break? Play the USA TODAY Daily Crossword Puzzle. “Most of the recessions identified by our procedures do consist of two or more consecutive quarters of declining real GDP,

It could be another awful day on Wall Street after President Trump's tariffs. Investors are now worries the trade war could spark a global recession and higher inflation.