That what is heading for the U.S. unless tariff policies are swiftly changed, according to Torsten Slok, chief economist at Apollo Global Management. Slok said small businesses that account for more than 80% of employment and capital expenditure don’t have the working capital to pay tariffs.

The ongoing slide in financial markets is now prompting one economist to declare that the United States is already in a recession, according to several key indicators. Typically, an economy is only considered to be in a recession after two consecutive quarters of negative growth.