JPMORGAN Chase CEO Dimon’s 60-page annual letter shareholders warns on tariffs and promises: I still have …
JPMorgan Chase CEO Jamie Dimon The company’s shareholders have sent their annual letter. Dimon’s annual letters are widely and closely followed, and this year’s letter extends to about 60 pages, including footnotes. The shareholders’ letter for the year 2025 is Dimon’s first public comment on tariff measures announced by US President Donald Trump. Dimon, 69, has been with the largest bank in the US for 19 years and is widely considered one of the most prominent voice in corporate America. Dimon often weighs on government policies, and has been consulted by the authorities at the time of crisis. In the letter, Dimon has avoided mentioning Trump directly.
Warning and a promise
Dimon’s letter is a mixed bag, warning of economic pain that Trump will cause tariffs. But at the same time he wrote that some valid reasons for action are “of course”, and they hope “there will be some positive benefits of long -term effects” for the US. Despite the challenges, Dimon expressed confidence in the long -term flexibility of the American economy. “Even with a lot of extreme results, our company will be healthy,” he said. “I still have a belief in America – the extraordinary strength of our innovative economy and our flexibility.”
He said, “Whether the menu menu causes recession or not, it remains in the question, but it will slow down development.” He said that inflation pressure can be seen in short -term consumers in the US. “We are likely to look at the results of inflation not only on imported goods, but also on domestic prices, as the input costs increase and demand on domestic products increases.”
Dimon highlighted the uncertainty around potential reputation, investor trust, corporate profits and the power of the US dollar. He said, “The issue will be resolved quickly, better,” he said, warned that cumulative damage may be difficult to reverse.
Jamie Dimon may have agreed with Elon Musk
Although Dimon did not mention Elon Musk, he expressed concern over an issue that Tesla CEO Elon Musk repeatedly warned: America’s growing fiscal deficit, it has never been inspired by “the highest peacock levels” the highest peacock level. ” In the letter, Dimon warns the current route of loss spending, combined with quantitative tightening, adds uncertainty around interest rates and asset evaluation.
It is important to resolve business issues quickly to avoid irreversible damage
The CEO wrote, “The sooner the issue is resolved, the better it is as some negative effects grow cumulatively over time and it will be difficult to reverse.”
He said, “Our economy also faces the unknown effects of quantitative tightening … We do not have a very quantitative ease and therefore, before the first quantitative tightening,” he said, saying that it can give rise to volatility of the dynamic high treasury market.
At interest rates, he emphasized that the Federal Reserve controls short -term rates, but long -term yield is inspired by the expectations of inflation and global capital flow. He said, “This tug-off-wore may last for some time,” he said, warning of the risk of repetition of the 1970s styling.
