Investors cheered on Wednesday when President Donald Trump paused most of his new tariffs. However, JPMorgan Chase says the celebration will be short-lived.

The largest bank in the U.S. issued a new report Wednesday night, sticking with its forecast that there is a 60 percent chance the country is heading into a recession. The bank's economists indicate that the 10 percent universal tariffs still in place pose a significant shock to the economy.

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The universal tariffs are in addition to the new 125% tariffs on Chinese goods. There also remains a universal 25% tariff on steel and aluminum imports.

President Trump began imposing varying tariffs on 84 countries on Wednesday, but put a 90-day pause on collecting duties yesterday afternoon. The response helped the stock market regain some of the value it lost over the prior week.

Before President Trump's announced tariffs pause, JPMorgan Chase CEO Jamie Dimon told Fox Business the initial set of tariffs went beyond what was expected.

"But I do think fixing these tariff issues and trade issues should be a good thing to do. That will get one major uncertainty behind us. We have the strongest economy in the world. It would be good not to add to the uncertainty out there," he said.

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