New York [US] – JPMorgan Chase CEO Jamie Dimon has issued a strong warning about the potential dangers of President Donald Trump’s aggressive tariff strategy, suggesting it may spark inflation, threaten economic growth, and even push the United States closer to recession.
In his annual letter to shareholders, Dimon stated:
“The recent wave of tariffs will likely increase inflation and are causing many to consider a greater probability of a recession.”
While stopping short of predicting an immediate economic crash, he made it clear that Trump’s expanding trade war could severely slow down growth.
Global Standing at Risk, Warns Dimon
Dimon emphasized that America’s strength globally depends not just on military power, but also on economic leadership and strong alliances.
“America First is fine, as long as it doesn’t end up being America alone,” he warned.
He criticized the fragmentation of Western alliances, arguing that isolating US trade partners could undermine both security and economic stability.
“Security and economics are interconnected — ‘economic warfare’ has caused military warfare in the past,” Dimon added.
Shift in Tone on Trump Policies
This year’s letter marked a notable change in Dimon’s tone. While he previously downplayed the effects of tariffs, saying minor inflation was manageable, he now expresses deeper concern as Trump’s trade moves expand.
Dimon also warned of market overvaluation despite recent drops and urged caution amid what he called:
“The most perilous and complicated geopolitical and economic environment since World War II.”
US Economy Still Resilient—But For How Long?
Although the US economy has held up relatively well, Dimon noted early signs of weakening consumer spending and business activity.
He advised shareholders to stay vigilant, given the combined risks of Trump’s protectionist policies, global conflict, and rising inflation.
