JPMorgan CEO predicts recession and tariff defaults; calls for faster trade negotiations

JPMorgan Chase CEO Jamie Dimon stated Wednesday that tariffs imposed by US President Donald Trump are likely to cause a recession and defaults, according to Fox Business’ «Mornings with Maria.»

«As long as rates continue to rise (…), inflation stays up and credit spreads soar, as they’re going to, I think we’re going to see more credit problems,» he predicted.

Dimon pushed for quick progress in negotiations with US trading partners in order to calm markets rattled by the tariff news.

Dimon, 69, is a significant figure in the US economic world who is frequently approached by governments in times of crisis. His name was mentioned for important economic roles in Donald Trump’s government during the 2024 presidential campaign, including Treasury secretary, but he remained with the bank.

JPMorgan experts increased the likelihood of a U.S. and worldwide recession this year from 40% to 60% after Trump revealed his trade barriers.