Cliff notes – US economy is facing considerable turbulence
- US confirmed Thursday that its tariff rate on China is 145% (including the pre-existing 20% fentanyl tariff)
- China hit back with a tariff rate of 125% on US goods
- The 3 biggest European markets opened positive on Friday but dipped severely after China’s 125% announcement
- China has said they won’t back down in this trade war and have called on the EU to stand up to ‘bully’ America
- US is expected to enter a recession later this year
Jamie Dimon, the head of JPMorgan Chase – one of the world’s biggest banks – says the United States’ economy is facing “considerable turbulence”.
In a new statement, Dimon warns of the “potential negatives of tariffs and trade wars” but adds that his firm is prepared for a “wide range of scenarios”.
Despite this, he says JPMorgan has reported “strong underlying business and financial results in the first quarter”.
Dimon adds that “our fortress balance sheet enables the firm to be a pillar of strength, particularly during volatile or challenging times”.
Trump promotes Jamie Dimon interview after JPMorgan CEO predicts tariffs will ‘likely’ cause recession – The Independent
JPMorgan CEO Dimon expects recession and defaults, urges quick trade talks in Fox Business interview – Fox Business