JPMorgan CEO Jamie Dimon says Trump tariffs will boost inflation, slow an already weakening U.S. economy

Core Viewpoint - JPMorgan Chase CEO Jamie Dimon highlighted that the tariffs announced by President Trump are likely to increase prices on both domestic and imported goods, which could further slow down an already weakening U.S. economy [1][2]. Group 1: Tariff Impact - The newly announced tariffs are expected to have significant short-term inflationary effects on both imported and domestic goods due to rising input costs and increased demand for domestic products [2]. - Dimon expressed uncertainty about whether the tariffs will lead to a recession, but he confirmed that they will slow down economic growth [2]. Group 2: Market Reaction - Dimon is the first major Wall Street bank CEO to publicly comment on Trump's tariff policy during a time of significant market volatility, with U.S. equities experiencing their worst week since the onset of the Covid pandemic [3]. - The announcement of tariffs has caused a shock in global markets, leading to a notable decline in stock prices [3]. Group 3: Uncertainties and Recommendations - Dimon noted that Trump's tariff policy has introduced numerous uncertainties, including effects on global capital flows, the dollar, corporate profits, and responses from trading partners [4]. - He emphasized the importance of resolving tariff issues quickly to mitigate cumulative negative effects that could be difficult to reverse over time [5].