Goldman Sachs Group Inc. economists said they now see a 65% chance of a US recession in the next 12 months, citing President Donald Trump’s tariffs on US trading partners.

Economists at Goldman Sachs walked back a forecast calling for a recession hours after President Donald Trump announced a 90-day pause on many of his "reciprocal" tariffs that went into effect just hours before.

Goldman Sachs raised the odds of a U.S. recession to 45% from 35%, the second time it has increased its forecast in a week, amid a growing chorus of such predictions by investment banks due to an escalating trade war.