Tariffs Risk 'Recession-Like Levels' on Indicators, JPM's Normand Says

The video discusses client concerns at JP Morgan regarding global economic instabilities due to trade news. It highlights the left tail risk in the macro economy, indicating potential recession-like levels in key indicators affected by tariffs. The discussion extends to market risks, particularly in equities, which are not pricing in risk premiums despite being slightly off their highs. The video concludes with scenarios of prolonged trade wars and the impact of tariffs on all Chinese goods.

What indicators are affected by tariffs as mentioned in the text?

What extreme scenario is discussed regarding tariffs on Chinese goods?