The fallout continues after President Donald Trump's unveiling of severe tariffs against virtually all U.S. trading partners. Thursday was the worst day for U.S. stock markets since June 2020. China struck back on Friday,

The firm’s economists warned clients in a research note on Thursday that the risk of a global recession has gone up to 60 percent, assuming Trump’s new trade policies are sustained. In their analysis, the new tariffs will likely amount to “the largest tax hike since WWII” for Americans.

The Dow, S&P 500 and Nasdaq fell sharply after Trump slapped tariffs on a host of countries including China, Vietnam, Taiwan, while also blasting the European Union. FOX Business is providing real-time updates on the markets,