President Donald Trump's harsher-than-expected global tariffs sent economists scrambling to revise their economic estimates. They project the U.S. economy faces higher inflation, slower growth, and greater recession risks.

Jerome H. Powell, chair of the Federal Reserve, says the central bank’s “obligation” is to ensure that a “one-time increase in the price level does not become an ongoing inflation problem.”

Chair of the Federal Reserve Jerome Powell warned that Americans could soon see an uptick in inflation and unemployment following President Donald Trump’s “Liberation Day” tariffs, stifling economic growth.

Donald Trump has hit back hard after China announced sweeping new tariffs in retaliation for the U.S. president’s aggressive trade moves earlier this week. On April 4, China declared it will impose 34 percent tariffs

ABC News’ Alexis Christoforous and Britt Clennett report on the impact President Donald Trump’s tariffs are having on the stock market.

World shares slid downward, U.S. futures fell and Wall Street appeared on track for another day of crushing losses Friday as investors counted the potential costs of U.S. President Donald

Global markets slid further and Wall Street was on track for another day of crushing losses Friday after China responded to U.S. President Donald Trump’s latest set of tariffs with some of their own.