Jamie Dimon warns recession is now 'a likely outcome' for US economy
Jamie Dimon is hearing "recessionary talk" when it comes to Trump's tariffs, stock volatility and other macroeconomic factors that lean toward a financial slowdown.
Jamie Dimon, the chairman and CEO of JPMorgan Chase, has his finger on the pulse of America’s financial state – which he claims could have more doom and gloom today than optimism.
"I hear it from just everybody now, ‘I'm going to cut back a little bit, I'm gonna wait, see what happens.’ That is kind of recessionary talk," Dimon said in an exclusive interview on "Mornings with Maria," Wednesday.
When asked if he’s personally expecting a recession, Dimon responded: "I am going to defer to my economists at this point, but I think probably that's a likely outcome."
The top banker didn’t shy away from discussing President Donald Trump’s tariffs and the state of the economy following $6 trillion in value being wiped from the stock market in under a week.
Since the April 2 "Liberation Day," the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite have dropped 10 to 13%. All three of the U.S. stock benchmarks traded lower on Wednesday as Trump's tariffs went into effect.
Overnight, China fired back with an 84% retaliatory tariff. The White House continues to reiterate it is open to negotiations with China as well as any other country.
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"I'm taking a calm view, but I think it could get worse if we don't make some progress here," Dimon said.
"It is perfectly reasonable for someone to say that trade was unfair. There were unfair trade things," he noted. "I think they have the [value-added tax] wrong, how they understand it. And I think that should really get a better understanding, to make it easier to negotiate."
This is a developing story. Please check back for updates.
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