Jamie Dimon Says US Recession Is ‘Likely Outcome’ Of Tariff Upheaval
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said a recession is one “likely outcome” of the turmoil tied to President Donald Trump's tariffs.
“No one's wishing for that but hopefully, if there is one, it'll be short,” Dimon said Wednesday on Fox Business. “Fixing these tariff issues and trade issues would be a good thing to do.”
Dimon said that, while he hasn't seen an uptick in defaults yet, he expects them. “We haven't had any slowdown or real recession — Covid was so short I almost don't include it — in so long that if you have rates going up a little bit and inflation is sticky and credit spreads are gapping out, which they're going to, I think you'll see more credit problems than people have seen in a long time,” he said.
In his annual shareholder letter released Monday, Dimon urged a quick resolution to uncertainties tied to the tariffs “because some of the negative effects increase cumulatively over time and would be hard to reverse.”
Trump announced the steepest tariffs in a century last week, including a 10% “baseline” charge for all exporters to the US and additional “reciprocal” rates on dozens of others that the administration identified as having high barriers to US goods. Markets dove in response, and some economists have predicted a recession in the US this year.
Dimon said Wednesday that “it is perfectly reasonable for someone to say that trade was unfair,” and that showing progress on trade deals is the best thing the Trump administration can do to calm markets.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
