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Jamie Dimon sounds the alarm bell on tariffs

  • CNN
  • April 7, 2025
CNN

 — 

JPMorgan CEO Jamie Dimon has issued a blunt warning about President Donald Trump's tariff policy: It threatens to raise prices, drive the global economy into a downturn and weaken America's standing in the world.

"The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession," Dimon warned in his annual letter to shareholders. "Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth."

Dimon said America's "extraordinary standing" in the world was built on the strength of its economy, military and morals. But tariffs and Trump's "America First" foreign policy could undermine that standing.

"If the Western world's military and economic alliances were to fragment, America itself would inevitably weaken over time," he said.

Despite a recent plunge in markets, stocks could tumble much farther still, Dimon argued. The US stock market is set to open in bear market territory after hitting a record high less than seven weeks ago, on February 19, the second-fastest peak-to-bear market shift in history (the fastest occurred during the 2020 pandemic).

"Even with the recent decline in market values, prices remain relatively high," Dimon said. "These significant and somewhat unprecedented forces cause us to remain very cautious."

This is a developing story and will be updated.

https://edition.cnn.com/2025/04/07/business/jamie-dimon-tariff-warning/index.html