Most stock markets in the Gulf ended lower on Wednesday, tracking a global selloff triggered by the latest U.S.-China trade war escalation.

Bank analysts are busy raising their estimates of the likelihood of a global recession this year. JPMorgan Chase now puts the chances at 60%. There are also more precise measures of investors’ expectations for global growth.

The U.S. stock market is shaking in another twitchy day of trading after most other markets tumbled Wednesday as President Donald Trump’s trade war keeps escalating. The S&P 500 was down 0.7% in midday

President Trump told Americans to "BE COOL!" in a social media post as his trade war escalates. NBC News' Christine Romans reports the latest. Former Chief Strategist for the Romney 2012 campaign Stuart Stevens and Axios Chief Economic Correspondent Neil Irwin join Chris Jansing to discuss Trump’s new tariffs and the massive impact they may have on the global economy.

Trump has promised higher rates for his latest and most severe volley of duties, which he calls “reciprocal” tariffs. With so many back-and-forth tariff actions and threats, it can be tough to keep track of where things stand.

President Donald Trump has shared on Truth Social that he has “authorized a 90 day PAUSE, and a substantially lowered Reciprocal Tariff during this period, of 10%, also effective immediately.”

U.S. Trade Representative Jamieson Greer addressed the Senate Finance Committee a day after global markets swung wildly and some business leaders lambasted the president's aggressive bid to raise tariffs on almost every nation on earth.