The Hidden Costs of Silence: A Strategist's Struggle with Tariff Truths

Michael Cembalest, a JPMorgan Asset Management strategist, has expressed concerns over conveying his full opinions on U.S. tariffs. In a recent webinar, he described their economic impact as significant but withheld some views to protect his firm and colleagues. His caution reflects broader corporate wariness in the current U.S. political climate.

Michael Cembalest, a senior investment strategist at JPMorgan Asset Management, revealed during a webinar his reluctance to speak openly about U.S. tariffs due to potential repercussions for his firm and colleagues. Cembalest characterized the tariffs as a 'sledgehammer, brute force approach,' but held back full disclosure of his opinions.

The webinar, titled 'The 2025 Tariff Shock,' was posted on the bank's website and reported by Bloomberg News. Cembalest acknowledged the difficulty of expressing views on tariffs without impacting the firm's reputation amidst heightened accountability for public opinions.

JPMorgan clarified that Cembalest addressed the policies' goals and risks. His statements align with the broader climate of caution as the Trump administration enacts executive orders affecting law practices and corporate policies. Cembalest's previous report had text redacted, further indicating the sensitive nature of tariff discussions.

(With inputs from agencies.)