TLDR: The global economy is at risk of a recession with 2008 level severity according to 4 banks.

Morgan Stanley

"as we view the risk of further escalation as high, the risks to the global outlook are decidedly skewed to the downside,” Morgan Stanley chief economist Chetan Ahya said in a note to investors. If the U.S. continues to turn up the heat on China with up to 25% tariffs “on all imports from China for 4-6 months, [Morgan Stanley] would see the global economy entering recession in three quarters,” Ahya wrote.

Wells Fargo

"another escalation in the ongoing trade spat, should it occur, could push the global economy to lows not seen in a decade,"

JP Morgan

"the risk of recession beginning within one year based on economic data has remained above 40% for much of 2019,"

Citi

"You have to say that the probability of recession has gone up, ... [but] I think it would be premature with the data we’re looking at,"

Out of 4, only 1 economic report was optimistic. The ones that weren't says if Trump's tariffs go into effect September 1st, there will be a recession within 9 months.