Dimon says recession remains a possibility on tariff fallout

Dimon says recession remains a possibility on tariff fallout

Recession remains a possibility as tariff fallout continues to buffet global economies, according to JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon.

“Hopefully we’ll avoid it, but I wouldn’t take it off the table at this point,” Dimon said in a Bloomberg Television interview Thursday at JPMorgan’s annual Global Markets Conference in Paris.

The Trump administration’s tariff policies have been jolting markets for more than a month, and Dimon said some clients are holding back on investments because of all the volatility. Earlier this week, the US and China agreed to temporarily lower levies on each other’s products while the world’s two largest economies work toward a longer-term deal.

Trump’s April 2 “Liberation Day” announcement of tariffs on dozens of countries sent markets swooning, and days later he announced a 90-day pause to hammer out agreements. Dimon has repeatedly called for Treasury Secretary Scott Bessent to lead the talks, and in his annual shareholder letter last month urged a quick resolution to the uncertainties.

Dimon said in the interview that the volatility has continued recently, and JPMorgan’s trading volume has remained elevated as a result.

His firm’s stock traders notched record revenue in the first quarter tied to chaotic market moves set off by the Trump administration’s policy announcement — and that was before the April 2 tariffs and subsequent pause. Analysts are expecting the biggest US bank’s total trading revenue to climb again in the second quarter from a year earlier.