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‘Tariffs will increase inflation’: JP Morgan CEO sounds alarms over Trump’s tariff policy

Jamie Dimon, the CEO of JPMorgan Chase & Co, has cautioned that the recent tariff actions declared by US President Donald Trump could trigger inflation and potentially result in a recession in the world's largest economy.

Prashant Bhardwaj by Prashant Bhardwaj
8 April 2025
in News
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‘Tariffs will increase inflation’: JP Morgan CEO sounds alarms over Trump’s tariff policy
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Jamie Dimon, the CEO of JPMorgan Chase & Co, has cautioned that the recent tariff actions declared by US President Donald Trump could trigger inflation and potentially result in a recession in the world’s largest economy.

In his yearly letter to shareholders, he recommended that the US establish stronger trade connections with nations like India instead of urging them to align with the US.

“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” he has said, cautioning that the market valuations remain relatively high. “These significant and somewhat unprecedented forces cause us to remain very cautious,” he said on Monday.

Dimon stated that regardless of whether the tariffs lead to a recession, they will hinder growth.

“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 added.

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He suggests that the tariffs are expected to lead to significant short-term impacts. “In the short term, we are expected to experience inflationary effects, affecting both imported items and local prices, due to rising input expenses and an increase in demand for domestic products,” he stated.

Pointing out that the US does not have trade deals with several of its closest allies, he mentioned that Washington could draw nonaligned countries such as India nearer by offering a gesture of goodwill.

The US has raised tariffs on Indian imports to 26% and applied 10% duties on goods from Brazil.

Billionaire investor Bill Ackman, head of Pershing Square, also cautioned: “We are in the midst of undermining confidence in our nation as a trading partner, as a place to do business, and as a market for capital investment.”

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