President Trump’s first 100 days: What’s happened and what’s next?

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Apr 18, 2025

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INSIGHT

Tariffs Drive Mild Recession Forecast

Trump's aggressive tariff increases have disrupted the economy and created significant uncertainty.
J.P. Morgan now forecasts a mild U.S. recession in 2025 due to tariff-related economic drag.

INSIGHT

Sentiment Worsens Economic Outlook

Uncertainty and negative sentiment about the administration's economic policies are affecting business confidence.
The shift in policy is seen as less supportive of near-term economic performance than initially expected.

INSIGHT

Policy Areas Impacting Growth

Immigration restrictions slow U.S. growth by reducing labor supply and demand.
Regulatory easing offers modest positive effects; fiscal policy impact remains uncertain but likely mild.

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As President Trump approaches the 100-day mark of his second term, what has gone as expected and what has left experts surprised? Join Samantha Azzarello, head of content strategy for J.P. Morgan Research as she discusses President Trump’s first 100 days and beyond with:

· Bruce Kasman, chief Global Economist

· Kamal Tamboli, U.S. equity strategist

· Natasha Kaneva, head of Global Commodity Strategy

With heightened trade policy uncertainty stemming from a flurry of tariff activity, what will J.P. Morgan Research be watching in the coming weeks and months?

This episode was recorded on April 16, 2025.

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