JPMorgan CEO Jamie Dimon has issued a stark warning to his shareholders, cautioning that President Donald Trump’s tariffs are likely to increase inflation and spark recession fears. This comes after Dimon previously expressed support for tariffs in January, calling them a valuable “economic weapon” and a matter of “national security.” However, with markets around the globe continuing to plummet following Trump’s trade war, Dimon has reversed his stance.
Dimon’s warning follows a dismal week on Wall Street, with the S&P 500 down 3.8% and the Dow Jones Industrial Average falling 1,200 points. Stocks in Hong Kong plunged 13.2%, their worst day since 1997. The global economic outlook remains uncertain, with economists, investors, and business leaders long critical of Trump’s tariff strategy.
The Nikkei 225 index in Tokyo lost nearly 8% and European shares followed Asian markets lower, led by a 10% drop on the Frankfurt exchange. Despite some recovery efforts, the market still appears to be experiencing a crisis, with no signs yet that it is finding a bottom or stabilizing.
Source: https://www.nj.com/politics/2025/04/oops-major-banking-billionaire-quickly-changes-tune-on-trumps-tariffs.html