Mark Zandi, chief economist at Moody's, said he believes that the risk of economic recession is "alarmingly high" as the market reacts to Trump's tariff agenda.

Zandi said, "The risk of economic recession is alarmingly high and rising." "I think the probability is less than half, but it really depends on the president, on what he does here."

Zandi said that if Trump continues to push his tariff plan, including retaliatory tariffs on other countries, and these tariffs last for three to five months, it is enough to "push the economy into recession."

"This will be a very strange recession, right? I mean, this is a designed recession." Zandi said.