JPMorgan chief executive Jamie Dimon says investors are turning a blind eye to the looming risks tariffs pose to the stock market and the economy.
In a JPMorgan webcast posted by Bloomberg Television, Dimon says investors seem to be operating under a false sense of security following the S&P 500’s sharp 23% rebound over the past few weeks.
According to Dimon, investors seem oblivious to the adverse effects of Trump’s tariffs, which he warns could reignite inflation, trigger stagflation and fuel growing anti-American sentiment overseas.
“My own view, you know, people feel pretty good because you haven’t seen an effect of tariffs. The market came down 10%, it’s back up 10%. I think that’s an extraordinary amount of complacency.
That’s my own view that when I’ve seen all these things adding up that are on the fringes of an extreme kind of thing, I don’t think we could predict the outcome. And I think the chance of inflation going up and stagflation will be higher than other people think.
There are too many things out there, and I think you can see the effect. Even if these low levels stay where they are today, that’s pretty extreme tariffs.
And you also don’t know how every country is going to respond and they are responding. They are starting to cut trade deals with other people, etc. And even if you want to bring manufacturing back, it takes three to four [years], at a minimum, to build a real manufacturing plant.”
As of Tuesday’s close, the S&P 500 is trading at 5,940.
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