‘Countries like India…’: JPMorgan CEO's advice to Trump amid trade war fears

Jamie Dimon, the CEO of JPMorgan Chase & Co., has cautioned that the tariffs imposed by US President Donald Trump have the potential to increase inflation and cause a recession in the largest economy in the world. In his yearly letter to shareholders, Dimon also recommended that rather than urging nations like India to join the US, the US should forge closer trading relations with them.

"The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession," Dimon stated. He said that "these significant and somewhat unprecedented forces cause us to remain very cautious," warning that market valuations are still relatively high.

"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," said Dimon.