JPMorgan's Dimon warns of 'considerable turbulence' amid trade war threats

JPMorgan Chase reported a 9% rise in profits for the first quarter of 2025, totaling $14.6 billion, driven by strong performance in its trading business. However, CEO Jamie Dimon warned of 'considerable turbulence' in the U.S. economy, attributing this to ongoing trade tensions, elevated inflation, and high fiscal deficits. He noted the potential negatives of tariffs and trade wars, while acknowledging possible positives from tax reform and deregulation. Dimon emphasized the importance of maintaining excess capital and liquidity in this uncertain environment, stating that increased provisions for loan losses signal anticipated borrower difficulties ahead. Other Wall Street leaders echoed his concerns, highlighting the prevailing anxiety about future market conditions. Amid these warnings, President Trump paused the implementation of certain tariffs, raising cautious optimism among investors about potential negotiations.