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JPMorgan CEO: Trump's tariffs will drag the global economy into recession, weaken America's position in the world

2025-04-07 13:55:30Kosova&Bota SHKRUAR NGA REDAKSIA VOX

JPMorgan CEO: Trump's tariffs will drag the global economy into recession,

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

“The recent tariffs are likely to 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 tariff list causes a recession remains in question, but it will slow growth.”

Dimon, one of the world's most influential business leaders, said America's "exceptional position" in the world was built on the strength of its economy, military and morale. But tariffs and Trump's "America First" foreign policy could undermine the United States' unique position in the world.

“If the Western world’s military and economic alliances were to fall apart, America itself would inevitably be weakened over time,” he said.

Dimon has warned about geopolitical factors, such as the wars in Ukraine and the Middle East, which he said threatened to send powerful shockwaves throughout the global economy. But rarely has Dimon been so outspoken about a single U.S. economic policy.

Dimon has been largely silent about Trump's tariff policy since telling CNBC in January that, if the president's tariffs helped boost U.S. manufacturing while causing a little inflation, then people should "get over it."

But the tariffs Trump has announced are much heavier and more widespread than expected. Dimon is sounding a very different tone now: Hold back.

Despite a recent market decline, stocks could fall much further, Dimon argued. The U.S. stock market is set to open near bear market territory, having hit a record low less than seven weeks ago on Feb. 19. It could be the second-fastest market reversal in history (the fastest came during the 2020 pandemic).

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


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