JPMorgan Trading Desk Turns 'Tactically Bearish' On Trump Tariff Recession Fears

For the first time in, well, forever, JPMorgan's equity traders have turned 'tactically bearish' this morning following Trump's promised (and delivered) tariffs.

EQUITY AND MACRO NARRATIVE: 

Late in the session yesterday, Trump confirmed that the 25% tariffs on Canada and Mexico are going live, and he said that there is no room left to do a deal. He announced an additional 10% on China. In all cases, we have seen retaliatory measures. Given this escalation, we enter another period of uncertainty since there does not appear to be a pathway to negotiation based upon Trump’s comments.