The Globe and Mail reports in its Tuesday, April 1, edition that Goldman Sachs raised the probability of a U.S. recession to 35 per cent from 20 per cent and expects more interest rate cuts by the Federal Reserve, citing President Donald Trump's tariffs impacting the global economy. A Reuters dispatch to The Globe reports that the firm also lowered its gross domestic products growth forecast for 2025 to 1.5 per cent from 2 per cent and projected three rate cuts each from the U.S. Federal Reserve and the European Central Bank. In a separate note, Goldman cut its year-end target for the S&P 500 to 5,700 from 6,200, the lowest on Wall Street. Goldman expects the average U.S. tariff rate to rise 15 percentage points in 2025, five percentage points more than its prior baseline forecast, and predicts Mr. Trump to announce reciprocal tariffs that average 15 per cent across all U.S. trading partners on April 2. "Almost the entire (tariff rate) revision reflects a more aggressive assumption for 'reciprocal' tariffs," Goldman wrote in a note on Sunday. Goldman estimates the Fed to consecutively cut interest rates in July, September and November, compared with its previous forecast of two cuts in June and December.