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Jamie Dimon, CEO of JPMorgan Chase & Co., performs during the 2025 retirement in Washington, Columbia District, March 12, 2025.
Al Drago | Bloomberg | Gets the image
Jpmorgan chase CEO Jamie Dimon said on Monday that tariffs announced by the President Donald Trump Last week, it is likely to increase prices for both internal and imported goods, weighing the US economy that has already slowed down.
Dimon, 69, turned to Tariff policy Trump announced on April 2 in his annual shareholder letter, which became carefully read the state of the economy, proposals for issues facing the US and its adoption of effective management.
“Whatever you think about the legitimate reasons for recently announced tariffs, of course, there is some album long-term effect, good or bad will probably be important short-term effects,” said Dimon. “We will probably see inflation results not only on imported goods, but also at domestic prices, since growth and increasing demand for domestic products.”
“No matter the tariff menu, the recession remains in question, but it will slow down,” he said.
Dimon is the first CEO of a major bank on Wall -Strit, who publicly addressed Trump’s broad tariff policy when world markets crashed. Despite the fact that JPMorgan Chairman often used his platform to emphasize the geopolitical and financial risks he sees this year’s letter this year comes in extraordinarily tumultuous time. Reserves are in free fall since then American shares Since the COVID pandema outbreak in 2020.
It seems his remarks refuse the previous oneovercome“Tariffs because they were good for national security. At the time the level of tariffs discussed was much lower than it was presented last week.
Trump’s tariff policy has created “numerous uncertainty”, including its impact on the Global Capital Stream and the dollar, the impact on the corporation’s profits and the reaction of trading partners, said Dimon.
“The sooner this issue is resolved, the better, because some negative consequences increase cumulative over time and it will be difficult to cancel,” he said. “In the short period, I see it as one big extra straw on the camel back.”
“Not so sure”
While the US economy has been well in the last few years, it has assisted almost $ 11 trillion in government borrowings and expenses, it has been “weakened” in recent weeks, even before Trump’s tariff statement, Dimon reports. Inflation will probably be more sticky than many suggest, that is, interest rates can remain elevated, even if the economy slows down, he added.
“The economy is facing considerable turbulence (including geopolitics), with potential positive tax reform and de -deregulation and potential negatives of tariffs and” trade wars “, renewal inflation, high fiscal deficiency, and are rather high prices for assets.”
Dimon also struck a somewhat sinister note, given how many US shares have already fallen from its recent highs. According to JPMorgan CEO, both stocks and credit spreads were still potentially optimistic.
“The markets, it seems, is the cost of the assumption that we will still have a pretty soft landing,” said Dimon. “I’m not so sure.”
This story develops. Please check the updates.
