JPMorgan CEO Warns of Tariff Risks adn Crypto Decline
jpmorgan Chase CEO Jamie Dimon, in his annual shareholder letter, flagged concerns about President Trump’s tariffs. He believes these could boost inflation and slow economic growth.
Dimon explained that tariffs might raise prices on imported goods and domestic products. This could hurt consumer confidence and company profits. The new 10% tariff on imports has already caused market instability. U.S. stock futures fell sharply,with the Dow Jones dropping about 800 points. This downturn spread to European and Asian markets.
Dimon warned that the U.S. economy was already slowing down. The tariffs could worsen this and lead to a recession. He listed negative impacts like lower consumer confidence, reduced investments, and a weaker dollar.
On geopolitics, Dimon urged against isolationism. He stressed the importance of strong alliances, saying “America First” shouldn’t mean “America alone.” He called for respectful engagement with allies to compete with nations like China in tech areas.
The crypto market also felt the impact. Bitcoin fell to its lowest since November, trading at around $78,500. Related stocks like MicroStrategy and coinbase also lost value. Dimon has long been skeptical of cryptocurrencies, questioning their real-world benefits despite blockchain’s potential.
