President Donald Trump's harsher-than-expected global tariffs sent economists scrambling to revise their economic estimates. They project the U.S. economy faces higher inflation, slower growth, and greater recession risks.

Jerome H. Powell, chair of the Federal Reserve, says the central bank’s “obligation” is to ensure that a “one-time increase in the price level does not become an ongoing inflation problem.”

UBS raised concerns Thursday morning about the potential economic impact of the U.S. administration's proposed tariff plan. The global investment bank argued that the tariffs could pose significant headwinds to growth and overall economic health.