In spite of the presently low unemployment rate and Rasmussen's finding that consumer confidence is at a record high, JP Morgan financial analysts are implying a different economic direction. In a Bloomberg article, recommendations were made in regard to the best currencies in which to invest during a recession. Though the article was quick to note that the analyst team said a prediction of a recession is "premature," it added that it's also presently "sensible" to re-evaluate contingency plans as the present trade wars intensify.

Trade wars intensifying

According to The Hill, another package of tariffs is being levied on China.

This next round will impact on Chinese exports valued at approximately 200 billion. That amount is being touted as about equal in value to their exports to the U.S., according to a senior Trump administration official.

China has made it public that they intend to match all tariffs to the dollar. Other countries targeted in the trade wars so far include The E.U., Canada, and Mexico. It's anticipated that there may be a response involving retaliatory tariffs.

Trade war consequences emerging

The list of goods the White House has in mind for this new round of tariffs has not been made public as of yet. But some businesses and products are already being impacted by the present trade wars, according to another Bloomberg article. Ranchers took a hard hit [VIDEO] from the last round of tariffs.

Other Additional early casualties include the soybean market, Tesla, and BMW. [VIDEO] Some companies are taking a more dramatic approach and are considering leaving China because of the tariff wars.

A couple of companies presently known to be pondering such a severe economic move are Just Play LLC (which is partnered with Disney toys), and GMM Nonstick Coatings (which includes brands such as Kitchen Aid and Black & Decker).

Because of how ranchers are being impacted, it's believed that some restaurants will incur cost increases from the trade wars. It's anticipated that alcohol may also increase in price as a result of tariffs being passed on to the consumer.

Millennials and the trade wars

Polling agencies started taking note of the fact that millennials will make up 40 percent of the electorate in the 2020 elections, according to Mic.com. Many popular electronic gadgets such as home devices, vaporizers, e-cigarettes and electric scooters are being included in the tariffs, according to MSN.com, and these trade war costs are being passed along to them. Many millennials are angry about the cost increase, feeling that since these items are popular among their generation, they are being singled out as a consumer group.