JPMorgan Chase’s Jamie Dimon says U.S. financial system faces “appreciable turbulence”

JPMorgan Chase CEO Jamie Dimon stated the U.S. financial system faces a crucial stretch, whereas additionally warning of the continued uncertainty brought on by President Trump’s tariff insurance policies. 

“The financial system is dealing with appreciable turbulence (together with geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘commerce wars,’ ongoing sticky inflation, excessive fiscal deficits and nonetheless reasonably excessive asset costs and volatility,” he stated Friday in the course of the banking large’s first-quarter earnings name.

Dimon advised Wall Avenue analysts that JPMorgan expects tariffs to extend inflation roughly 0.5% this yr. However he additionally expressed confidence that the Trump administration is keen to barter commerce agreements with different nations, which might ease the pressure on the financial system.

“I wish to see the administration negotiate commerce offers. I feel that shall be good for everyone, and so they wish to do it, too,” he stated.

Dimon, thought of the nation’s most influential banking chief, stated earlier this week that U.S. tariffs might result in larger inflation, weaker financial development and doubtlessly even a recession. 

“Whether or not or not the menu of tariffs causes a recession stays in query, however it is going to decelerate development,” he stated in his annual shareholder letter Monday. 

Mr. Trump this week paused most country-based tariffs for 90 days — a transfer that got here as CEOs and Wall Avenue buyers publicly pressed the White Home to rethink its commerce measures and as monetary markets gave a resounding thumb’s down to U.S. commerce insurance policies. 

After suspending the “reciprocal” tariffs, Mr. Trump stated he had watched an interview with Dimon on Fox Enterprise during which the banker stated the tariffs would make a recession a “doubtless end result,” in accordance with Bloomberg.

Billionaire hedge fund supervisor Invoice Ackman, CEO of Pershing Sq., additionally decried the tariffs this week, saying on social media Sunday that “we’re within the technique of destroying confidence in our nation as a buying and selling companion, as a spot to do enterprise, and as a market to take a position capital.”

JPMorgan Chase earnings

JPMorgan additionally reported first-quarter earnings on Friday that beat Wall Avenue expectations. 

Dimon stated a robust efficiency by the financial institution’s markets division helped elevate it to a different sturdy quarter, however he added that the financial institution can be dealing with the potential negatives of commerce tensions, as is the broader financial system.

JPMorgan’s earnings per share rose to $5.07 per share from $4.44 a yr in the past. The end result beat Wall Avenue revenue projections of $4.63 a share, in accordance with the information agency FactSet. Whole managed income hit $46 billion, up from the $41.9 billion a yr in the past. Wall Avenue was anticipating income of $44 billion.

JPMorgan’s buying and selling desk thrived within the first three months of 2025, helped by the market’s volatility, which started nicely earlier than Trump rolled out his huge “Liberation Day” tariffs on April 2.

contributed to this report.