Jamie Dimon is the first CEO from the heavyweights on Wall Street to express himself about the Trump administration's tariffs on the entire world.
"We will likely see inflationary effects, not only on imported goods but also on domestic prices, as input prices rise and demand increases for domestic products," he writes in his annual letter to the major bank's shareholders.
"Whether this menu of tariffs will cause a recession remains to be seen, but they will slow down growth," he adds.
Criticized by Trump supporters
Dimon often comments on geopolitics and financial risks, but the statements now come in the midst of a stock market crash that has been going on for three days and has wiped out thousands of billions of kronor in value from the world's stock exchanges.
But the tariffs are also being criticized by well-known Trump supporters on Wall Street.
"I am very convinced that the launch of tariffs against the entire world on April 9 - significantly higher than the tariffs imposed on us - is a mistake," writes Bill Ackman in a post on the social network X.
In an interview with TV channel CNBC, Ackman, one of Trump's heavier donors on Wall Street, develops the criticism.
Business is a trust game. And the president is losing trust among business leaders around the world, he says.
Ackman, with the hedge fund Pershing Square Capital Management, is calling for a 90-day pause in the implementation of the tariffs and that Trump's negotiating position against the market is weak.
"The one who recommended this idea to our president should be fired immediately," he writes on X.
Musk wants zero tariffs on EU
Ray Dalio, the founder of Bridgewater Associates - the world's largest hedge fund - has also criticized the tariffs. He warns of "palpable stagflation" in the US - that is, a combination of low growth and high inflation.
The world's richest man, Tesla founder Elon Musk - who has been tasked by the Trump administration since January to lead massive cuts in the US public sector - has also expressed himself critically about the tariffs and said that the EU and the US should have zero tariffs on each other.
The newspaper The Wall Street Journal writes on the editorial page that this may be a track that more countries than Vietnam should test - to propose zero tariffs on goods and services from the US in response to Trump's sky-high tariffs.
