Dimon warns Trump on tariffs: 'Uncertainty not good'

JPMorgan Chase CEO Jamie Dimon has shifted his stance on President Donald Trump’s tariff policies, initially defending them but now expressing concern over their impacts on companies and market volatility. Dimon, speaking at a summit hosted by BlackRock and the Bipartisan Policy Center, noted that while tariffs might not directly affect consumer behavior, they create uncertainty for businesses. The stock market has experienced significant losses, with the S&P 500 down over 7% in the past month, and the US losing $4 trillion in market value since February. BlackRock CEO Larry Fink echoed Dimon's concerns, predicting elevated inflation due to these policies. Both CEOs emphasized that the current economic disruptions, though significant, might be short-term if businesses can adapt to the new policies. Trump's recent imposition of 25% tariffs on steel and aluminum has prompted retaliatory measures from the EU and other nations, intensifying the trade war.