According to online reports, Goldman Sachs said that the U.S. stock market faces a decline risk of nearly 20%, and recession is a huge risk for the stock market. In Thursday's podcast, Goldman Sachs chief economist Jan Hatzius and chief global equity strategist Peter Oppenheimer appeared particularly cautious. Hatzius reiterated his forecast that "the probability of a U.S. recession in the next 12 months is 45%", admitting that recent data is mixed, ranging from weak soft data such as sentiment surveys to better hard data such as the latest non-farm payrolls data. Alec Phillips, chief political economist at Goldman Sachs, warned that the U.S. president's comments surrounding the trade deal with the UK suggest that many countries will eventually face higher tariffs than before Trump's re-election.