JPMorgan Chase CEO Jamie Dimon issued a stern warning about the potential consequences of U.S. President Donald Trump’s latest tariff policies, warning caution should be exercised as they could raise inflation and increase the likelihood of a global economic slowdown.
In his annual letter to shareholders, Dimon expressed concern about the short-term impact of the tariffs, saying they could dampen U.S. economic growth and spark fears of a recession.
“The latest tariffs will likely increase inflation and make many think the possibility of a recession is greater,” the JPMorgan CEO wrote. “Whether the tariff menu will cause a recession is debatable, but it will slow growth.”
While Dimon acknowledged that some of the motivations behind tariffs may be justified, he urged policymakers to consider their broader implications:
“Whatever you think of the legitimate reasons for the newly announced tariffs or their good or bad long-term effects, they will likely have significant short-term effects. These price increases will not only affect imports but also domestic prices.”
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Dimon reaffirmed his general support for Trump’s “America First” agenda, while noting that maintaining global alliances was important:
“If the military and economic alliances of the Western world disintegrate, America itself will inevitably weaken over time. ‘America First’ cannot become ‘America Alone.’”
*This is not investment advice.
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