JPMorgan Chase CEO warns tariffs will slow growth
"In the short run, I see this as one large additional straw on the camel's back," said Dimon
JPMorgan Chase CEO Jamie Dimon warned Monday that US President Donald Trump's tariffs will likely lift inflation, describing himself as "very cautious" in light of the rising recession risk.
"Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth," Dimon said in his annual letter to shareholders.
Dimon, an influential figure in markets as the longest serving CEO of a major Wall Street firm, said the US economy had been steady "for years" but was "already weakening" even before Trump's watershed tariff announcement last Wednesday.
"There are many uncertainties surrounding the new tariff policy: the potential retaliatory actions, including on services, by other countries, the effect on confidence, the impact on investments and capital flows, the effect on corporate profits and the possible effect on the US dollar," Dimon wrote.
"In the short run, I see this as one large additional straw on the camel's back," said Dimon, adding "my most serious concern is how this will affect America's long-term economic alliances."
Last Updated :
April 08, 25 11:24:38 AM IST