JPMorgan Chase CEO Jamie Dimon is voicing renewed concern over President Donald Trump’s escalating tariff policies, warning that they could trigger inflationary pressure and put the brakes on U.S. economic momentum.
In a letter to shareholders released Monday, Dimon pointed to the potential ripple effects of the newly implemented tariffs, saying they may lead to broader economic strain. “The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” he wrote. “Even if a recession doesn’t materialize, the slowdown in growth is already underway.”
Dimon emphasized that while there may be legitimate strategic motivations for the tariffs, their short-term impact is undeniable. “Prices are expected to rise across the board — not only for imported goods but also for products made here at home,” he said. “The economic friction caused by these policies could spread quickly.”
The financial markets responded sharply. Global sell-offs accelerated following the tariff news, with digital assets leading the downturn. Bitcoin (BTC) plunged below $79,000, marking its lowest level in nearly five months. It is currently flat on the day, trading at $78,235. The CoinDesk 20 Index has dropped over 10% in 24 hours and is down nearly 20% over the past month.
While Dimon affirmed his general support for Trump’s “America First” philosophy, he warned against adopting a unilateral approach. “We must not allow strategic independence to turn into strategic isolation,” he said. “If long-standing alliances fall apart, America’s position in the world could weaken significantly.”
