Coronavirus in Ukraine: new cases reported over the last day.

Leading American financial firms are updating their forecasts, considering the increasing likelihood of the American economy entering a recession this year due to fears of an escalating trade war, which could affect both consumers and businesses. President Donald Trump plans to present his plan for reciprocal tariffs on April 2, which he has dubbed 'Liberation Day,' and a 25% tariff on car imports is set to take effect on April 3. These tariffs are likely to prompt U.S. economic partners to retaliate, which could impact American exporters' access to foreign markets, although Trump believes these tariffs will help protect U.S. industry. The impact of the escalation of the trade war could lead to the U.S. entering a recession. Moody's Chief Economist Mark Zandi stated he is raising the probability of a recession this year from 15% to 40%. The team of economists at Goldman Sachs has raised its 12-month recession forecast to 35%. They explained this by lower baseline growth forecasts, a sharp decline in consumer and business confidence, and statements from White House officials indicating a greater willingness to endure temporary economic weakness in the interest of their policy. Economists at J.P. Morgan have also increased their recession probability to 40%. The Chair of the Federal Reserve, Jerome Powell, stated that the likelihood of recession has increased since the beginning of the year, but it is not high.