Jamie Dimon, CEO of JPMorgan Chase, has expressed concern that President Donald Trump’s extensive tariffs are “likely” to lead the U.S. into a recession. In an interview with Fox Business, Dimon highlighted the significant market downturn, noting, “When you see a 2000-point decline [in the Dow Jones Industrial Average], it sort of feeds on itself, doesn’t it.”
Dimon advised the administration to “take a deep breath, negotiate some trade deals,” emphasizing the importance of swift progress in international trade agreements to mitigate economic risks. He also revealed that JPMorgan has “lost a couple of bond deals already” as international clients opt for local banks amid the escalating trade tensions.
The implementation of baseline 10% tariffs on April 5, followed by increased levies—including a 20% tariff for the European Union and a 104% tariff on Chinese imports—has intensified fears of a global trade war. These developments have led to significant market volatility, with Wall Street experiencing its worst week since 2020 and Asian stock markets also facing substantial declines.
Despite these concerns, President Trump remains steadfast, assuring the public via his Truth Social platform: “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!”
Read the full story at https://news.sky.com/story/donald-trumps-tariffs-crisis-likely-to-spark-recession-says-jpmorgan-chase-ceo-13345245
