NEW YORK, April 7 (Xinhua) -- JPMorgan Chase CEO Jamie Dimon warned Monday that U.S. President Donald Trump's newly announced tariffs are likely to push up prices on both domestic and imported goods, placing additional pressure on an already cooling U.S. economy.

In his 59-page annual shareholder letter, Dimon directly addressed the tariff policy Trump unveiled on April 2, a shift from his previously muted stance. While Dimon had suggested in a January CNBC interview that a bit of inflation might be worth it if tariffs strengthened U.S. manufacturing, his latest remarks reflected growing concern.

"The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession," Dimon warned.

"Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth. America First is fine, as long as it doesn't end up being America alone," Dimon said.

"If the Western world's military and economic alliances were to fragment, America itself would inevitably weaken over time," he added.

JPMorgan Chase is scheduled to report its 2025 first-quarter earnings on April 11, as the major U.S. banks kick off earnings season. As the largest American bank, JPMorgan's results are widely regarded as a key indicator of the health of the broader financial sector.

This quarter's results will be closely watched for signs of how higher interest rates and inflation are affecting loan demand, credit quality, and consumer behavior. Investors will also be paying attention to any shifts in investment banking fees or trading activity, especially in light of recent market volatility and renewed uncertainty stemming from Trump's tariff plans.

Like other business leaders, Dimon argued in the shareholder letter that the U.S. economy looked to be in solid shape until recently. "Despite the unsettling landscape, the U.S. economy, at least until recently, continued to be resilient, with consumers still spending (though with some recent weakening) and businesses still healthy," he said.

However, he struck a more cautious tone about the path ahead, citing a host of geopolitical and financial headwinds facing both the United States and the global economy.

His comments add to the chorus of business leaders voicing unease about the broader implications of sweeping tariffs, especially as markets remain volatile and growth forecasts dim. Enditem

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