Photo: Getty Images
JPMorgan Chase CEO Jamie Dimon warned that the United States economy could face "considerable turbulence" amid a potential global trade war caused by President Donald Trump's sweeping tariffs.
“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars’, ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” Dimon said in a filing via the New York Post. “As always, we hope for the best but prepare the firm for a wide range of scenarios.”
Dimon's comments came after Trump announced he would pause his 145% tariffs on Chinese goods, which had previously led to China retaliating with a 125% tariff on American products, on Wednesday (April 9) for 90 days. The JPMorgan CEO previously expressed his concerns during an interview with FOX Business' Maria Bartiromo Wednesday morning and his latest comments were included in a filing as his bank reported a 9% increase in profits, registering $14.6 billion in net income, during the first quarter of the 2025 fiscal year.
Trump previously announced that the U.S. would impose trade barriers on American exports as part of sweeping "reciprocal" tariffs on other countries, which he dubbed "Liberation Day," before announcing the 90-day pause.
"For decades, our country has been looted, pillaged, raped and plundered by nations near and far. ... Foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories and foreign scavengers have torn apart our once beautiful American dream," Trump said during his initial 'Liberation Day' announcement via Yahoo! News.
"But it is not going to happen anymore," he continued. "Reciprocal — that means they do it to us, and we do it to them. Very simple. Can't get any simpler than that."
The United States stock market experienced a significant downturn as the tariffs and trade wars were initiated, seeing the largest decline since the 2020 stock market crash influenced by the COVID-19 pandemic during Trump's first of two non-consecutive presidential terms. The stock market rose by more than 9% after the announced tariff pause, however, dropped once again Thursday (April 10) morning, according to CNBC.