Jamie Dimon Warns of Tariff Turbulence As Global Markets React

JP Morgan CEO Jamie Dimon says that U.S. President Donald Trump’s recent tariffs may heighten the odds of a recession and prompt an economic slump in growth, his annual letter to shareholders reveals.

Jamie Dimon Warns Of Tariff Concerns

In the letter, Dimon warns that Trump’s controversial tariff policy will “likely increase inflation” and “slow down growth.”

“There are many uncertainties surrounding the new tariff policy: the potential retaliatory actions, including on services, by other countries, the effect on confidence, the impact on investments and capital flows, the effect on corporate profits and the possible effect on the U.S. dollar,” he said.

BREAKING: JP Morgan CEO, Jamie Dimon, says tariffs will increase inflation, likely cause a recession, and should be "resolved quickly." pic.twitter.com/NqPc8LG2x9

— The Kobeissi Letter (@KobeissiLetter) April 7, 2025

The financial firm head also cited concerns surrounding the policies’ potential to negatively impact America’s longstanding “economic alliances.”

“The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse,” he added. “In the short run, I see this as one large additional straw on the camel’s back.”

Donald Trump Doubles Down On Tariff Stance

Dimon’s comments as global markets struggle to adapt to the new U.S. tariff policy, with key markets continuing to slide stateside as Trump’s trade war continues.

Crypto markets were also drastically impacted by the turmoil, with Bitcoin hovering around $78,000 as of Monday afternoon.

Earlier in the day, Bitcoin dropped below $75,000, with the cryptocurrency down 4.30% in the last five days.

However, markets as a whole could get worse in the coming days given that Trump is planning to follow through with hiking up tariffs against China from 34% to 50% come April 9.

On Monday afternoon, reports emerged that China had no intentions of backing down, with the country bringing their own reciprocal tariffs against the U.S.

With Trump refusing to abandon his policy plans, only time will tell how heightened levels of global volatility will affect the digital asset sector long-term.