The JP Morgan chief executive, Jamie Dimon, has warned that it may be “hard to reverse” the effect of Donald Trump’s tariffs, which he said would drive prices higher and make a US recession more likely.
The boss of the US bank said in his annual letter to investors that while there were some “legitimate reasons” for the number of new taxes applied to goods imported into the US, there could be some serious consequences if the tariffs were maintained for too long.
