Global equity markets were lower and safe-haven gold hit a fresh record high on Monday after U.S. President Donald Trump said tariffs would essentially cover all countries, stoking worries a global trade war could lead to a recession.

As Wall Street heads into a new quarter, a flurry of President Donald Trump’s tariffs are set to go into effect. That has traders on edge and has helped put US stocks on track for their worst quarter in years.

President Trump says the goal of his tariffs - resuscitating U.S. manufacturing's glory days - will be worth the turmoil. Experts are skeptical.

Both Moody's Analytics and Goldman Sachs have raised their expectations for the U.S. economy to slide into a recession this year.

Goldman Sachs raised the probability of a U.S. recession to 35% from 20% and said it expects more rate cuts by the Federal Reserve, as President Donald Trump's tariffs roil the global economy and upend financial markets.

Cox Automotive said it anticipates 15.6 million new vehicles will be sold in the U.S. in 2025, down from 16.3 million it originally forecast.

Goldman Sachs expects aggressive duties from the White House to raise inflation and unemployment and drag economic growth to a near-standstill. In a note Sunday, the firm said "we continue to believe the risk from April 2 tariffs is greater than many market participants have previously assumed.

Experts told Newsweek the things they are monitoring to determine whether the U.S. is on the brink of a significant economic downturn.