JPMorgan Chase CEO Jamie Dimon said Monday that tariffs announced by President Donald Trump last week will likely boost prices on both domestic and imported goods, weighing down a U.S. economy that had already been slowing.
Dimon, 69, addressed the tariff policy Trump announced on April 2 in his annual shareholder letter, which has become a closely read screed on the state of the economy, proposals for the issues facing the U.S. and his take on effective management.
“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,” Dimon said. “We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products.”
“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” he said.
Dimon is the first CEO of a major Wall Street bank to publicly address Trump’s sweeping tariff policy as global markets tumble.