Deutsche Bank's research team said US stocks could be hit hard if global trade unravels, and rang the alarm on growth, inflation, and unemployment.

Risks of a hit to the global economy and further sharp falls in financial markets have grown due to U.S. President Donald Trump's import tariffs and the UK is exposed to the fallout, the Bank of England said.

Despite rattled financial markets, threats of retaliation and some of President Donald Trump’s biggest supporters encouraging him to back off his signature economic policy, he didn’t give in. His administration piled on heaps of new “reciprocal” tariffs Wednesday on dozens of American allies and adversaries alike,