In his annual letter to shareholders, Jamie Dimon, CEO of JPMorgan Chase, cautioned that President Donald Trump’s newly announced tariffs are likely to increase inflation by raising prices on both imported and domestically produced goods.
Dimon explained that higher input costs and increased demand for U.S.-made products could contribute to these price hikes.
He also expressed concern that the tariffs may slow economic growth and potentially heighten the risk of a recession. Emphasizing the importance of swiftly resolving trade uncertainties, Dimon warned that prolonged negative effects could become increasingly difficult to reverse.
He further highlighted apprehensions about the impact of these tariffs on America’s long-term economic alliances, noting that while an “America First” policy is acceptable, it should not result in America becoming isolated.
The financial markets have reacted strongly to the tariff announcements, with significant volatility and declines observed. The Dow Jones Industrial Average fell as much as 1,700 points during the day before closing down 349 points (0.9%), while the S&P 500 ended 0.2% lower.
Economists and financial institutions, including Goldman Sachs, have raised concerns about increased recession risks, warning that the tariff policies could severely hinder global economic growth and investment confidence.
Other prominent financial leaders have echoed Dimon’s concerns. Billionaire investor Bill Ackman called for a 90-day pause on the tariffs to prevent a “self-induced economic nuclear winter,” highlighting the potential for severe economic consequences if the trade war continues unabated.
As of April 7, 2025, JPMorgan Chase & Co. (JPM) shares closed at $214.44, reflecting a modest increase of 0.01969% from the previous close. The stock experienced an intraday high of $221.83 and a low of $197.08, with a trading volume of 22,914,370 shares.
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