The president of "JB Morgan" indicates an economic recession due to customs duties

JB Morgan Chis CEO Jimmy Damon said the recession is a ‘probable’ result of the unrest associated with the customs fees imposed by President Donald Trump. “No one wants this to happen, but if that happens, we hope it will be short -term,” Damon added in an interview with “Fox Business” channel, and he continued, “to solve the issues of fees and trade will be a good step.” Damon pointed out that, although he has not noticed an increase in cases of failure to pay until now, it will be expected to say: ‘We have not yet seen a real slowdown or real stagnation, the period of the pandemic was so short that I had barely calculated it, and since then we have seen nothing. It expands, which will happen, I think we will see more credit problems than a long time ago. Shareholders, released on Monday, made Damon a quick solution to the uncertainty as a result of customs duties, saying that “some negative consequences are gradually increasing and difficult to change over time.” Last week, Trump announced the worst customs duties in a century, which includes a basic rate of 10% on all exports to the United States, as well as additional ‘reciprocal’ fees on dozens of countries where US administration has seen high barriers before goods. Financial markets fell to this step, and a number of economists expected the US economy to enter this year. “For some, it is perfectly logical to say that trade was unfair,” Damon said, adding that progress in trade agreements is the best that the Trump administration can make to reassure markets.