There is about a 40% chance of a U.S. recession this year and a risk of lasting damage to the country's standing as an investment destination if the administration undermines trust in U.S. governance,

U.S. stocks have suffered their sharpest selloff in months as investors have grown nervous that Trump will slow the economy with import duties.

That’s according to J.P. Morgan’s chief economist Bruce Kasman, who says there’s a “40% chance of a U.S. recession this year and a risk of lasting damage to the country’s standing as an investment destination if the administration undermines trust in U.