TRUMPONOMICS:

In the last week, Bank of America, Morgan Stanley, Goldman Sachs, and UBS have all warned that Trump's actions with China are hurting the U.S. economy and pushing the country, and even the entire globe, into a recession.

Morgan Stanley on Aug. 5 predicted that a recession will start in just nine months if Trump follows through on his pledge to add a 25 percent tariff (tax) on all goods from China.

"Trade tensions have pushed corporate confidence and global growth to multi-year lows," Chetan Ahya, Morgan Stanley's chief economist, said.

In an analysis published Friday, Aug. 9, Bank of America raised their odds of a recession in the next year from a 1-in-5 chance to a 1-in-3, and stated their model "likely does not fully capture the threat of US-China trade tensions spiraling into a more severe trade war, which we view as the biggest downside risk for the US economy."

"Fears that the trade war will trigger a recession are growing," Jan Hatzius, Goldman Sachs' chief economist, announced on Sunday. He also predicted that Trump's economic battle with China will cause America's economic growth to falter at the end of 2019.

On Tuesday morning, UBS said it anticipates both a slowdown in job growth as well as an increase in unemployment. In June, UBS warned that if trade tensions between the U.S. and China did not cool, "the contours would resemble a mild 'global recession.'"

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