JP

In another private meeting Tuesday, held by JP Morgan Chase & Co. between Bessent and investors and first reported by the Wall Street Journal, the treasury secretary acknowledged that existing import duties on China were “not sustainable” and that “de-escalation” was necessary with Beijing.

Diamond, who became McIlroy’s caddie after JP Fitzgerald was let go in 2017, has been regularly condemned by fans and golf professionals for being too quiet at key times.

Other firms, such as JP Morgan, are forecasting an outright recession.

Karoline Leavitt, the White House press secretary, pushed back against questions from the media over the president backing down in the face of market pressures, as well as assessments from the country’s major banking institutions, such as JP Morgan Chase and Goldman Sachs, that his new trade policy would push the country into recession.

JP Morgan, the investment banking giant, has raised the likelihood of a US recession from 40% to 60% and warned that American policy was "tilting away from growth".