In his annual letter to shareholders released Monday, JPMorgan Chase CEO Jamie Dimon expressed concerns over President Donald Trump’s recent tariff policies, cautioning that they could lead to rising inflation and slow the U.S. economy.
“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” Dimon wrote. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
While acknowledging that there may be valid long-term reasons behind the new tariffs, Dimon stressed the importance of understanding their immediate consequences. “There are likely to be important short-term effects,” he noted, pointing out that price increases could impact not just imported goods, but domestic ones as well.
Global financial markets reacted sharply to Trump’s latest tariff announcement. Since Sunday, major indices have plunged, with crypto markets also taking a hit. Bitcoin (BTC) dropped below $79,000 — its lowest level since November — and is currently trading sideways at $78,235. The CoinDesk 20 Index, which tracks the top 20 cryptocurrencies by market cap, has fallen more than 10% today and is down nearly 20% over the past month.
Despite his support for Trump’s “America First” policy, Dimon emphasized the need for global cooperation. “If the Western world’s military and economic alliances were to fragment, America itself would inevitably weaken over time,” he warned. “America First can’t become America alone.”
