JPMorgan CEO warns Trump tariffs may trigger recession

President Donald Trump announced a temporary pause on his proposed tariffs after pressure from Republican lawmakers and concerns over their potential negative impact on the economy, which had caused significant stock market turmoil. Following the announcement, the stock market showed signs of recovery, alleviating fears among investors. However, this decision comes as several billionaires, including Elon Musk, have begun to voice opposition to the tariffs, citing risks to America's financial stability and personal losses due to market fluctuations. JPMorgan CEO Jamie Dimon also shifted his stance on tariffs, warning that they could increase inflation and raise the likelihood of a recession, contrasting his earlier support for the policies. In contrast, billionaire Andy Beal defended Trump's approach, arguing that the tariffs are necessary for negotiating fair trade and reshaping the U.S. role in the global economy. This division among wealthy investors and corporate leaders highlights the contentious debate surrounding Trump's trade policies and their broader implications for the economy.