JP Morgan Chase CEO Jamie Dimon thinks fallout from Trump’s tariff moves could still cause a recession.
“Hopefully we’ll avoid it, but I wouldn’t take it off the table at this point,” Dimon said in a Bloomberg Television interview Thursday.
The remarks, which were made as the CEO attended JP Morgan’s annual Global Markets Conference in Paris, are a stark contrast to many economists who believe the risk of an imminent recession has diminished since the U.S.-China and U.S.-U.K. trade deals were announced.
CNN reports, JPMorgan economists lowered the risk of the U.S. economy entering a recession to below 50%.
Dimon additionally told Bloomberg some of their clients are “holding back on investments because of all the volatility.”
He also added that JPMorgan’s trading volume is elevated as a result of the volatility.
While Dimon believes a recession is possible, he is still hoping for a “quick resolution” to the tariffs.
During the interview, Dimon also added he does not “see the president regularly.” However, many believe the financier has a strong influence on the president.
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In April, Dimon criticized Trump’s tariff moves on Fox Business. Hours later, Trump changed his policy.
According to Bloomberg, Dimon also called on Trump to place Treasury Secretary Scott Bessent to lead the tariff talks. Another piece of advice that Trump has followed.
The 69-year-old Dimon is considered one of the most influential voices on Wall Street. He’s also been known to criticize Trump’s economic moves.
Just last week, he told Fox 11 Los Angeles on Wednesday night believes the president's tariff moves were “too large, too big and too aggressive when it started.”
In that interview, Dimon also said he is “glad” the tariff deal with the United Kingdom took place. “These are deals in principle, so it's not really a deal, a real trade deal would be 10 or 20,000 pages long. But any progress is good.”