Jpmorgan Chase CEO Jimmy Damon He said that Definitions Declare Donald Trump Last week, prices are probably strengthened on both local and imported goods, which worries the American economy, which was already slowing.
Damon, 69, addressed Customs tariff policy On April 2, Trump announced in his annual speech to shareholders, which has become closely read on the state of the economy, proposals for issues facing the United States and taking effective management.
“Whatever you think that the legitimate reasons for the newly announced definitions-and of course, there are some-or long-term effect, good or bad, there are likely to have a short-term important effects.” “We may see inflationary results, not only on imported goods but on local prices, with high input costs and increased demand for local products.”
“If the list of definitions that cause stagnation is still a question or not, but it will slow down,” he said.
Damon is the first CEO of the main Wall Street Bank, which publicly addresses Trump’s comprehensive identification policy with the failure of global markets. Although JPMorgan president has often used his platform to highlight the geopolitical and financial risks he sees, this year’s speech comes at an unusually turbulent time. Stock US shares Since the outbreak of the roaming epidemic in 2020.
His statements seem to retreat from the previous comments he made in January, when Damon said that people should. “overcome“It relates to the tariff because it was good for national security. At that time, the tariff levels that were discussed were much less than what was revealed last week.
Damon said that Trump’s introductory policy has created “many aspects of uncertainty”, including its impact on global capital flows and the dollar, influencing corporate profits and responding to commercial partners.
“The faster this problem is solved, the better, the better because some negative effects increase cumulative over time and it will be difficult to do so,” he said. “In the short term, I see this an additional additional straw on the back of the camel.”
“Not sure”
While the US economy has been good over the past few years, with the help of nearly 11 trillion dollars in borrowing and government spending, it was “weakening” in recent weeks, even before Trump announced the definition, according to Damon. He added that inflation is likely to be more urgent than many expect, which means that interest rates may remain high even with the slowdown of the economy.
“The economy faces a major turmoil (including political geography), with potential positives of tax reform, abolishing regulatory restrictions, potential negatives of definitions,” commercial wars “, constant sticky inflation, high financial deficit, and somewhat high asset prices,” said Damon.
Damon also presented a somewhat fateful note, given how much American stocks have already decreased from their last levels. According to the President of JPMorgan, both shares and credit differences are still very optimistic.
“The markets still pricing assets, assuming that we will continue to get a somewhat soft landing,” Dimon said. “I’m not sure.”
This story is developing. Please check again for updates.
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