Post by : Omar Nasser
Photo : Reuters
Jamie Dimon, the head of big bank JPMorgan Chase, says U.S. tariffs and trade fights with other countries might cause big problems for the American economy. He believes these new taxes on trade could slow down business, make prices go up, and cause long-term harm.
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Dimon wrote a letter to the bank's shareholders on Monday. In the letter, he said these trade problems are making investors worried. Just last week, the stock markets around the world lost a lot of money. Stocks in Asia also fell on Monday because people are scared of losing more.
He said the U.S. economy is facing many problems. Some things, like tax cuts and fewer rules, are helpful. But things like tariffs, trade fights, rising prices, big government spending, and expensive stock prices are causing trouble.
Dimon, who is 69 years old, has led JPMorgan for 19 years. He is one of the top voices in business. He said, “We may see more inflation (when prices rise). Even if tariffs don’t cause a recession (a weak economy), they will slow down growth.”
JPMorgan’s team said the chance of the U.S. and the world having a recession this year has gone up. Before it was 40%, now they say it’s 60%. This change happened after President Donald Trump made the biggest trade taxes in over 100 years. When asked about the falling markets, Trump said, “Sometimes you have to take medicine to fix something.”
Dimon also said that other countries may fight back by adding their own tariffs. This could hurt business trust, money coming into the U.S., company profits, and the value of the U.S. dollar.
He said, “We should fix this problem quickly. If not, the damage will grow and be hard to fix.”
Dimon often gives his views on government rules. Some people even thought he might get a top job in government during the 2024 elections. But he stayed at JPMorgan.
He also said that tariffs could make interest rates go up. Right now, rates are lower because the U.S. dollar is weak. But if growth slows and people don’t want to take risks, rates might rise again. He compared this to the 1970s, when the U.S. had both high prices and slow growth, which was a very bad time.
He warned that hopes of a “soft landing” — where the economy slows down gently without crashing — might not happen. He said, “Right now, stocks and debt are still priced high, even after the recent fall. Many people think the economy will stay strong, but I’m not sure.”
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