Global Trade Turbulence: Jamie Dimon's Warning on Economic Uncertainty

JPMorgan Chase CEO Jamie Dimon warns that U.S. tariffs and a looming global trade war might curb growth and drive inflation in the world's largest economy. He stresses the need for swift resolution to prevent long-term repercussions, as JPMorgan's economists raise the risk of recession to 60%.

JPMorgan Chase's CEO, Jamie Dimon, has issued a stark warning about the economic repercussions tied to U.S. tariffs and a potential global trade war. In his annual shareholder letter, Dimon describes the unsettling environment as one that could stifle growth and feed inflation within the American economy.

The letter was released shortly after a sharp downturn in global stock markets, with trillions lost, and as Asian stocks fell further in anticipation of continued losses. Dimon highlighted concerns over the impact of tariffs on America's long-term economic partnerships, speculating that the economic distress might be significant and possibly irreversible.

Dimon, an influential voice in corporate America, noted the possibility of retaliatory measures from other nations, and the adverse effects tariffs might have on economic confidence, investments, and the dollar. JPMorgan's economists have raised the likelihood of a U.S. and global recession this year to 60%, following U.S. President Donald Trump's imposition of stringent trade barriers.

(With inputs from agencies.)