Explainer: What’s a recession and why is rising anxiety about it roiling markets? [Video]

Stock markets are plunging, consumers and businesses have started to sour on the economy, and economists are marking down their estimates for growth this year, with some even seeing rising odds of a recession.The tech-heavy Nasdaq stock index slipped into a correction last week, defined as a 10% drop from its most recent peak. The broader S&P 500 neared that level Tuesday.It’s a sharp shift from just a month ago, when stock indices were at record highs and consumer sentiment was rapidly improving. Many business executives were optimistic that President Donald Trump would cut taxes and pursue deregulation, which they expected would bolster growth.Instead, Trump has aggressively implemented tariffs — and tariff threats — against the United States’ largest trading partners. On Tuesday, Trump boosted import taxes on steel and aluminum from Canada to 50%, from 25%, in response to Ontario’s imposition of duties on electricity it sends to the …