The president’s aides insist the fallout will be short and ultimately result in a better economy, as economists warn of higher inflation and slower growth.

The 10% or greater tariffs on imports from most countries worldwide announced Wednesday by President Donald Trump earned a scathing reaction from the top U.S. economist at the U.S’ biggest bank, JPMorgan Chase, leading a cold response from Wall Street to Trump’s plans to upend the global trade order.