Mark Zandi, chief economist at Moody's, said he believed the risk of a recession was "uncomfortably high" as markets reacted to Mr. Trump's tariff agenda. "The risk of a recession is uncomfortably high and rising," Mr. Zandi said. "I think the probability is less than half, but it does depend on the president and what he does here." Mr. Zandi said that if Mr. Trump went ahead with his tariff plans, including reciprocal tariffs on other countries, and those tariffs lasted three to five months, it would be enough to "push the economy into recession." "It's going to be a very strange recession, right? I mean, it's a recession by design," Zandi said. (Jin Ten)