The United States' sweeping new tariff regime risks slowing both U.S. and global growth, shrinking export markets and potentially prompting a Federal Reserve response, the Asian Development Bank's chief economist said.

Moody’s Chief Economist Mark Zandi sees a 40% probability of the U.S. economy falling into a recession this year on the back of the Trump administration’s implementation of trading tariffs and government employment cuts.

Noted economist Arthur Laffer warns in a new analysis President Donald Trump’s 25% tariffs on auto imports could add $4,700 to the cost of a vehicle.

As the debate over trade policy continues, financial markets and businesses are bracing for potential economic turbulence. The coming months could be critical for the US economy.

Assuming his economic call holds true, Berezin thinks the S&P 500 ( ^GSPC) is destined for 4,450 — down about 21% from current levels. The best places for investors to hide out this year may continue to be gold and consumer staples and soon, bonds.

An increasing number of first-time homeowners who have federally backed mortgages are missing their monthly payments, according to recent data.

Moody's chief economist has warned that President Donald Trump's latest set of tariffs will result in "higher prices and fewer jobs."

US tariffs impose substantial levies on trading partners, including Southeast Asian nations, with Vietnam, Laos and Cambodia facing some of the highest rates