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The economic team at J.P. Morgan believes that President Trump's actions to reshape the trade order through tariffs may repeat the mistakes of Brexit, causing long-term and chronic damage to the country's economy. According to their latest report, the actions taken by the U.S. and the U.K. reflect their concerns about the decline of globalization in manufacturing and immigration issues. They believe that Brexit led the U.K. into a brief recession, but the bigger problem is the long-lasting slow damage, including slowing consumer spending, reduced business investment, currency depreciation, and inflation above target levels. Even though the Bank of England quickly cut interest rates and reintroduced quantitative easing measures to eventually help the local economy recover and grow, there are long-term damages such as continuously decreasing trade volumes with other countries, reduced immigration leading to labor shortages, and shrinking long-term investments. J.P. Morgan economists believe that Trump's tariffs are pushing the U.S. towards a similar trajectory. They believe that even if the U.S. economy avoids a short-term recession, long-term growth will inevitably slow down, with reduced foreign investments and pressure on productivity. They estimate that the shock of U.S. trade disruptions may cause immediate crises, but the long-term impacts are incalculable.