WASHINGTON (NEXSTAR) -- Markets continued their downward spiral Friday after President Donald Trump imposed sweeping new tariffs on imports from more than 60 countries. The White House insists the economy will bounce back, but the Federal Reserve is warning that U.S. consumers should brace for more inflation in the months ahead. “It is now becoming clear that tariff increases will be significantly larger than expected— and the same is likely to be true of the economic effects,” Federal Reserve Chair Jerome Powell said during a press conference Friday. “We will continue to monitor the incoming data.” The president, meanwhile, called on Powell to cut interest rates to help boost the economy. Trump shared a brief message on social media telling Powell to, “stop playing politics.” Markets have been in freefall since Wednesday’s tariff announcement. Despite the selloff, administration officials maintain there is no cause for alarm. “Economies are not crashing — the markets are reacting,” Secretary of State Marco Rubio said during a NATO meeting overseas. “Markets will adjust. Businesses around the world, including in trade, global trade, they just need to know what the rules are.” But some economists say the administration is downplaying the risks. “What they’re basically saying is: ‘Don’t look at that — think about something else,’” said Mark Hamrick, a senior economic analyst at Bankrate. “The price is going to go up on automobiles.” China has already responded with retaliatory measures, announcing 34% tariffs on all U.S. imports. Adding to concerns, JPMorgan Chase this week raised its estimate of a U.S. recession to 65% by the end of the year, citing escalating trade tensions, tightening credit conditions, and growing global uncertainty. Still, Trump celebrated a March jobs report showing the U.S. added approximately 228,000 jobs, declaring “the golden age has begun.” “If we take it at face value, it is a pretty good-looking jobs report,” Hamrick said. But he added a warning: “Among the most certain things we know about right now is uncertainty…. You can imagine there is going to be downward pressure on hiring.” Hamrick says ripple effects in the labor market could take months. ...read more read less