Goldman Sachs raised the odds of a U.S. recession to 45% from 35%, the second time it has increased its forecast in a week, amid a growing chorus of such predictions by investment banks due to an escalating trade war.

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

Goldman Sachs Group Inc. economists raised their recession probability assessment and brought forward the forecast timing of the next US Federal Reserve interest-rate cut following the Trump administration’s tariff announcement.

President Donald Trump’s top economic advisers brushed off recession fears Sunday and said dozens of countries are looking to negotiate for better deals, after stocks tumbled last week following the announcement of stiff tariffs against nearly all of America’s trading partners.

Stan Druckenmiller and Bill Ackman are among those raising concerns about the president’s steep, across-the-globe levies.

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.

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.