Jamie Dimon, CEO of JPMorgan, warned that President Donald Trump's tariff policy would lead to rising prices and slow down economic growth in the United States.
On the 7th, according to foreign media outlets including CNBC, Dimon noted in his annual shareholder letter, "The tariff policy announced by President Trump last week will significantly raise prices in the U.S. and put a heavy burden on the economy."
He said, "It is uncertain whether the tariff will lead to a recession, but the growth in the U.S. will slow down." Dimon explained, "As input expenses rise and domestic demand for products increases, there is a high possibility that inflation effects will appear not only in imported goods but also in domestic prices."
He stated that Trump's tariff policy has created "many uncertainties regarding the flow of global capital, the dollar, and corporate profits, and the responses of trade partners," asserting that "the negative impacts of the Trump tariffs will accumulate over time and become difficult to reverse, so a prompt resolution is necessary."
Dimon was the first among major bank CEOs to publicly criticize Trump's tariff policy. Following Trump's announcement on the 2nd, which shocked global markets, the U.S. stock market experienced its worst week since the pandemic began in 2020.
Dimon noted that while the U.S. economy has shown good performance over the past few years with government borrowing and expenditures totaling $11 trillion, it has weakened in recent weeks. He argues that the likelihood of worsening inflation is higher than expected, which may keep interest rates at a high level even in the face of economic slowdown.
He viewed that the U.S.'s stature in the international community is based on economic, military, and moral strength, and believes that President Trump's America First policy and tariffs will weaken the U.S.'s position.