According to a survey by investment bank JPMorgan, Donald Trump's tariffs pose the greatest threat to the US economy. 56% of investors surveyed called trade wars the most damaging element of the former president's policies.

The survey was conducted among 500 global investors ahead of the spring meetings of the IMF and World Bank. In addition to tariffs, participants also expressed concerns about the weakening of international cooperation (17%) and pressure on the independence of the Federal Reserve (13%).

9% pointed to tax breaks that increased the budget deficit, and 5% - to the reduction of immigration.

Trump's announced "mutual tariffs" from 10% to 49% caused a sharp drop in global stock markets. Later, the White House announced a 90-day delay and the start of bilateral talks - although specific deals have not yet been announced.

Investors fear that the US may face not so much a recession (20%) as stagflation - rising prices amid weak GDP growth. 61% of respondents believe that stagflation will occur within the next 12 months.

Amid instability, 60% of investors expect capital to flow out of the US market and do not believe that the S&P 500 index will return to its February record level.