CEO of JPMorgan Chase: Recession Still Possible in the US, Tariff War Will Have Aftereffects

Jamie Dimon, CEO of JPMorgan Chase, recently stated that the possibility of a US economic recession remains as the impact of tariffs continues to disrupt the global economy.

On Thursday (May 15) local time, Dimon told the media at JPMorgan Chase's annual Global Markets Conference in Paris, "We hope to avoid a recession, but at this point, I cannot rule it out."

"If a recession does occur, I don't know how severe it will be or how long it will last." The Trump administration's tariff policies have shaken the markets for over a month. Dimon pointed out that some of JPMorgan Chase's clients have postponed investment decisions due to excessive market volatility.

Earlier this week, high-level China-US economic and trade talks reached important consensus and made substantive progress, directly reflected in a significant reduction in bilateral tariff levels. The international community has highly praised this development, and the financial markets have also responded positively.

Dimon expressed his hope that trade easing could continue, "so that genuine communication can take place." Previously, Dimon had repeatedly called for US Treasury Secretary Scott Bessent to lead trade negotiations and, in his annual letter to shareholders released last month, urged the swift resolution of uncertainties.

As the head of the world's largest bank, Dimon wields significant influence in the financial world and is often regarded as an authority in the field. Dimon speaks highly of Bessent, and it was reported that when Bessent was nominated by Trump, Dimon called it an "excellent choice."

In his latest interview, Dimon stated that recent volatility persists, and JPMorgan Chase's trading volume has remained high as a result. "Sometimes market volatility is good, and sometimes it's bad. This time it's good, but next time it might not be so optimistic."

Dimon believes that tariff instability could lead to the loss of some investments in the US. "There will definitely be some consequences. We've annoyed a lot of people. When I meet them, they say, 'You know what? We're not buying your Kentucky bourbon anymore.'"

However, Dimon also noted that this impact may not be widespread, as the US is still not considered a poor investment destination.

Benefiting from significant market volatility, JPMorgan Chase's stock trading division achieved record revenue in the first quarter, and all of this occurred before the announcement of reciprocal tariffs on April 2 and their subsequent suspension.

Analysts predict that trading revenue for the largest US bank will continue to grow YoY in the second quarter of this year.

In this interview covering a wide range of topics, Dimon also expressed optimism about the prospects for negotiations between the EU and the UK, "They have an opportunity to build a truly good relationship, which could somewhat make up for the chaos caused by Brexit."