U.S. economy is not done with trade war chaos yet
Interesting comments by Jamie Dimon on Quartz. “JPMorgan Chase CEO warns the U.S. economy is not done with trade war chaos yet.”
Who would have thought such would not be true? Our president is a master at chaos. Chaos is his trademark. And the trade war chaos? First tariffs, then no tariffs. Its 10 percent, then 24%. China gets the big one at 84% (?). It has gone higher. How can you challenge when the target keeps moving in and out, on and off, today and tomorrow. Create chaos so no one is on a sure footing, everything is debatable, and subject to change.
The JP Morgan Chase CEO says we are in for a lot of turbulence in the economy. I do not know about you; but, the economy has been turbulent since Trump took office. Purposeful turbulence and meant to confuse. A trademark of management by this president. Attack the method and not the detail.
“Jamie Dimon says U.S. economy faces ‘considerable turbulence’,” Quartz
JPMorgan Chase CEO Jamie Dimon warns the U.S. economy faces “considerable turbulence” as it deals with a chaotic stock market and a looming trade war resulting from President Donald Trump’s erratic tariff policy.
“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” Dimon wrote in Friday morning’s quarterly earnings release.
The markets had a historic day Wednesday after Trump announced a 90-day pause on most reciprocal tariffs but came back down to Earth after the markets reckoned with the facts that reciprocal (and heavy) tariffs on China remain, the blanket 10% levy on all trading partners is still in place, and imported cars will still face a 25% duty.
In Friday’s premarket news, JP Morgan Chase was part of a group of big-name financial institutions that posted better-than-expected first-quarter results. The financial firm reported first-quarter earnings of $5.07 per share on revenue of $46.01 billion, topping analyst expectations as profit rose 9% to $14.64 billion.
Excluding a one-time gain from its First Republic acquisition, adjusted EPS came in at $4.91, still beating estimates, with strong performance in trading, investment banking, and asset management driving the upside. Shares climbed over 1% in early trading but sank into the red as the bell neared.
Dimon has been vocal recently about the state of the U.S. economy.
Some believe it was his Wednesday comments on Fox Business “Mornings with Maria.” During the newscast, he said the potential of a recession is a “likely outcome” amid the “Liberation Day” tariff policies prompting the president to make a 180-degree turn on the duties. And Monday, the JPMorgan Chase CEO warned in his annual letter to shareholders that Trump’s trade policy would “likely increase inflation” and slow down growth.
Now, the economy remains in tumult as a result of uncertainty about Trump’s ever-changing tariff policy.
AB: But as Trump said before he turned off the tariffs. “THIS IS A GREAT TIME TO BUY!!! DJT.” Not one word about market manipulation.