JPMorgan CEO Comments on Economic Outlook

Jamie Dimon, the CEO of JPMorgan Chase, expressed concerns on Thursday about the ongoing possibility of a recession, attributing some of the economic turmoil to the tariffs imposed during the Trump administration.

During the company’s Global Market Conference, Dimon mentioned that while he hopes the economy can avoid a downturn, it remains a potential reality that shouldn’t be dismissed. “Hopefully we’ll avoid that, but at this point we won’t let it go off the table,” he remarked. He acknowledged the uncertainty around how severe a possible recession might be or how long it could last.

His comments followed a reduction in JPMorgan economists’ recession probability estimates—from 60% prior to a temporary decrease in tariffs on Chinese goods, to below 50% afterward. Prior to this suspension, Dimon himself had indicated that a recession was a likely outcome for the US economy.

Dimon noted that the unpredictability stemming from tariffs has caused some clients to hesitate in making investments due to ongoing market volatility.

On another front, negotiations between the US and China have led to a temporary reduction in tariffs, with the Chinese government cutting tariffs on US exports to 20% and US tariffs on Chinese goods to 30%. Dimon stated that this pause was a sensible approach and emphasized the need for productive discussions between both nations.

He also highlighted that tariffs could deter investment in the US, sharing that he encounters individuals who are aware of the impact, mentioning, “We’re irritating a lot of people. They know, they’re not buying our Kentucky bourbon.”

Despite these challenges, Dimon maintains that America remains an attractive place for investment. “Is America a bad investment destination? No,” he said confidently. “If you take all the money and put it in one country, it’s still America.”