(C) Common Dreams
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GOP megadonor Ken Langone is latest billionaire to blast Trump's tariffs [1]

['Dan Mangan Kevin Breuninger Christina Wilkie Michael Wayland April Roach Erin Doherty', 'Dan Mangan', 'Kevin Breuninger', 'Christina Wilkie', 'Michael Wayland', 'April Roach', 'Erin Doherty']

Date: 2025-04-07

Jamie Dimon, CEO of JPMorgan Chase, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of debanking on Thursday, February 13, 2025.

JPMorgan Chase CEO Jamie Dimon says Trump's tariffs will likely boost prices on both domestic and imported goods, weighing down a U.S. economy that had already been slowing.

Dimon addresses the tariff policy in his annual shareholder letter, which has become closely read.

"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 writes.

"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 adds.

Dimon is the first CEO of a major Wall Street bank to publicly address Trump's sweeping tariff policy as global markets crash.

His remarks appear to backtrack from earlier comments he made in January, when Dimon said that people should "get over" tariff concerns because they were good for national security. At the time, tariff levels being discussed were far lower than what was unveiled last week.

— Hugh Son

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[1] Url: https://www.cnbc.com/2025/04/07/trump-tariffs-live-updates-stock-market-crypto.html

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