David Solomon warns that escalating trade war poses ‘material risks’ for US and global growth

The chief executive of Goldman Sachs, David Solomon, has warned that the chances of a US recession have “increased” in the wake of Donald Trump’s tariffs and that an escalating trade war poses “material risks” for US and global growth.

The Wall Street boss said the growing uncertainty over the fallout of US tariffs could spell trouble for companies and consumers and wreak havoc on the economy.