President Donald Trump is counting on a strong economy to carry him across the finish line in the 2020 presidential election, but new data from investment bank Morgan Stanley is raising serious questions about how much longer the economy will benefit the president.

Market Watch reports that Morgan Stanley's latest Business Conditions Index shows that business conditions rapidly fell over the last month, which was also the period where Trump began to further ratchet up his trade wars.

In fact, the 32-point month-over-month drop represents the steepest monthly decline in the index's history as it reached a low not seen since the start of the 2008 financial crisis.

The report states that anxieties about the president's continuing trade war with China are having a real economic impact, and it pointed to last month's disappointing jobs report as evidence that is consistent with the emergence of an economic slowdown.

After accounting for multiple different metrics, Morgan Stanley concluded that "these indicators point to business expansion coming to a near halt in June."