The 10% or greater tariffs on imports from most countries worldwide announced Wednesday by President Donald Trump earned a scathing reaction from the top U.S. economist at the U.S’ biggest bank, JPMorgan Chase, leading a cold response from Wall Street to Trump’s plans to upend the global trade order.

By Nupur Anand and Niket Nishant (Reuters) -Shares of U.S. banks tumbled to multi-month lows on Thursday, after President Donald Trump's sweeping tariffs plan sparked fears of a recession and a slowdown in consumer spending that could hurt earnings.

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.