JPMorgan’s Dimon Comments on Tariffs Amid Economic Uncertainty

WASHINGTON, D.C. — On March 12, 2025, JPMorgan Chase CEO Jamie Dimon expressed concerns regarding the impact of U.S. tariffs initiated by President Donald Trump during an interview at a summit on retirement hosted by BlackRock and the Bipartisan Policy Center. Dimon emphasized that while tariffs may not alter the day-to-day decisions of average American consumers, they create significant uncertainty for businesses.

During the interview with Semafor’s Gina Chon, Dimon stated, “I don’t think the average American consumer who wakes up in the morning and goes to work… changes what they’re going to do because they read about tariffs. But I do think companies might. Uncertainty is not a good thing.”

This acknowledgment comes as the stock market continues to grapple with volatility attributed to the Trump administration’s aggressive tariff strategy. The value of the market has plummeted by $4 trillion since its peak in February, highlighting the concerns among investors and businesses alike.

Earlier on the same day, the European Union declared plans to impose retaliatory tariffs on U.S. agricultural products following the U.S. government’s decision to advance tariffs on steel and aluminum imports. The evolving landscape has left many economic indicators suggesting a potential downturn.

Dimon’s remarks echoed those of BlackRock CEO Larry Fink, who remarked in a separate session that rising inflation is likely over the coming months as the economic policies take shape. “Every CEO I talk to, we’re starting to talk about a more fearful economy right now,” Fink said in an interview with Semafor’s Liz Hoffman. “But I do believe this is going to be more short-term, once we understand the policies, once we become more accustomed to it.”

Dimon’s earlier support for Trump’s tariffs, where he described them as an economic tool, has shifted to a more cautious tone. Just two months prior, he had urged the business community to “get over it,” reassuring stakeholders that some inflation could be acceptable if it served national security. However, the continued uncertainty has led him to a more tempered perspective.

Despite the broader market’s slight rebound on the day of the interviews, the S&P 500 remains down more than 7 percent over the past month. As tariffs remain a vital component of Trump’s economic strategy—aimed at revitalizing American manufacturing and tackling illegal immigration and fentanyl smuggling—economists warn that these tariffs could increase costs across various sectors, from food to housing.

Fink also highlighted the impact of tariffs on economic behavior, stating, “The collective impact in the short run is that people are pausing, they’re pulling back.” He confirmed that discussions with business leaders reveal growing concerns about a weakening economy.

Nevertheless, Fink remains optimistic about the long-term effects of the policies, suggesting that Trump’s focus on tariffs may ultimately lead to reduced overall tariffs in future trade relationships.

This dialogue from two of the country’s top CEOs underscores an essential discourse on the balance between economic strategy and market stability in these uncertain times.