JPMorgan Chase CEO Jamie Dimon offered a ray of hope on the morning Trump’s sweeping tariffs kick in and stocks continue to tumble.
Dimon did warn that the US economy is likely heading toward a recession, and blamed the market turbulence driven by President Donald Trump’s tariffs.
However, he also gave reason for hope.
‘We have the best economy in the world,’ he told Fox Business this morning.
‘Our GDP per person is $85,000. China’s is $15,000. So you got to put a little bit in the context,’ he explained.
‘But I hope what they really do is let [Treasury Secretary] Scott Bessent – he is a professional – negotiate. Get those things’ done quickly.
‘If you want to calm down the markets, show progress in those things and let Scott Bessent negotiate. Trade deals are large and complex.’
Despite his upbeat tone Dimon did warn of the risks of prices rising and the economy slowing.
Jamie Dimon, the CEO of JPMorgan Chase, spoke out about President Trump’s tariff policies
‘They put the tariffs in and it was way beyond what people expected. That will cause a little inflation, slow down growth’ he told the program.
Earlier this week, Dimon had sounded the alarm ahead of tariffs.
In his annual letter to shareholders on Monday, the CEO of JPMorgan Chase, 69, wrote that trade wars started by President Donald Trump risk driving up prices at American stores, undermining global alliances, and slowing economic growth.
The warning came as global stock markets shed trillions of dollars last week.
JPMorgan raised its likelihood of a recession from 40 percent to 60 percent.
‘Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,’ Dimon wrote.
Dimon has run JPMorgan Chase, the largest US bank, for 19 years and is one of the most prominent voices in corporate America.
The bank leader’s warning comes as global markets roil over President Trump’s game-changing policies.
The S&P 500 has been part of a continued global sell-off, ripping trillions of dollars from the global market that bankers worry could lead to higher costs and job losses
President Trump has launched a higher-than-expected tariff policy that has roiled global stocks
The Nikkei, Japan’s largest index, is seeing precipitous drops today
The giant stock losses came directly after President Trump’s tariff announcements.
Investors were largely shocked by the White House’s tariff policies.
Financial markets expected President Trump to reshape global trade with the policies — but the 10 percent baseline tariff combined with the ‘reciprocal’ policy that slapped up to 47 percent taxes on goods coming from major US trade partners was far higher than expected.
Dimon is not alone.
Bill Ackman, a billionaire and staunch Trump supporter, has called for a 90-day pause on the tariff policies.
In a post on X, Ackman warned of an ‘economic nuclear winter’ if American policy remains undeterred.
‘The country is 100 percent behind the president on fixing a global system of tariffs that has disadvantaged the country,’ he wrote on the social media app.
‘But business is a confidence game and confidence depends on trust.’
At the same time, Trump’s top economic advisors downplayed the effects of the tariffs on weekend news programs.
Treasury Secretary Scott Bessent said there was ‘no reason’ to expect an upcoming recession in the US.
