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Jamie Dimon Warns Tariffs Could Prompt Inflation, Global Economic Downfall
The CEO of JPMorgan Chase wrote a note to shareholders on Monday, voicing concerns about President Donald Trump’s tariff policy.
Updated Apr 7, 2025, 6:46 p.m. Published Apr 7, 2025, 4:23 p.m.
What to know:
- JPMorgan CEO Jamie Dimon warned that President Trump’s tariffs could drive up inflation and increase the odds of a U.S. recession.
- Dimon cautioned that the tariffs will raise prices not just on imports but on domestic goods too, potentially slowing economic growth.
JPMorgan Chase CEO Jamie Dimon is warning investors about the potential of rising prices and further slowing of the U.S. economy as a result of U.S. President Donald Trump’s tariff policy.
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“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” Dimon warned in his annual letter to shareholders. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
“Whatever you think of the legitimate reasons for the newly announced tariffs – and, of course, there are some – or the long-term effect, good or bad, there are likely to be important short-term effects,” he said, noting that price increases will not only affect imported goods but even domestic prices.
Global markets, including crypto markets have been in freefall since Sunday in anticipation of Trump’s most recent tariff announcement on Monday. Bitcoin , fell below $79,000 to its lowest point since November. It is currently trading flat over the past 24 hours at $78,235. The CoinDesk 20, which tracks the 20 largest crypto assets by market capitalization, is down more than 10% today and nearly 20% over the past month.
Dimon said that he is all for Trump’s “America First” foreign policy, but that it can’t turn into “America alone.”
“If the Western world’s military and economic alliances were to fragment, America itself would inevitably weaken over time,” he warned.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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