Jamie Dimon, chairman and CEO of JPMorgan Chase, warned that tariffs could carry modest inflationary effects and add pressure to the U.S. economy.
Speaking on the broader implications of trade policy, Dimon said the impact of tariffs is unlikely to be limited to a one-off price shock. Instead, he argued, the costs are more likely to filter through in stages. “Some people say [tariffs are] just a one-time effect, but in reality they’ll come in pieces, not all at once. If they did come in immediately, you’d see a quick spike up and then down,” he said.
Dimon added that while tariffs alone are unlikely to tip the economy into recession, they do contribute to downside risks. “All things being equal, it’s a little recessionary, but really just one straw on the camel’s back,” he said.
The comments come as U.S. businesses brace for the ripple effects of trade tensions and tariff measures, with economists warning of pressure on consumer prices, supply chains, and corporate margins.
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Dimon's comments come from an interview he gave to The Times of India.
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