JPMorgan Chase CEO Jamie Dimon warned Monday that US President Donald Trump’s tariffs will likely lift inflation, describing himself as “very cautious” in light of the rising recession risk.”Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” Dimon said in his annual letter to shareholders.Dimon, an influential figure in markets as the longest serving CEO of a major Wall Street firm, said the US economy had been steady “for years” but was “already weakening” even before Trump’s watershed tariff announcement last Wednesday.”There are many uncertainties surrounding the new tariff policy: the potential retaliatory actions, including on services, by other countries, the effect on confidence, the impact on investments and capital flows, the effect on corporate profits and the possible effect on the US dollar,” Dimon wrote.”In the short run, I see this as one large additional straw on the camel’s back,” said Dimon, adding “my most serious concern is how this will affect America’s long-term economic alliances.”JPMorgan analysts published a note Friday expecting US GDP to contract this year “under the weight of the tariffs.” They also recently raised their risk of global recession to 60 percent.Separately, Goldman Sachs said Sunday that if most of Trump’s April 9 tariffs take effect, these charges — alongside likely sectoral duties — could tip their forecast to a recession.US and global equities have been in free fall since Trump announced sweeping tariffs last week in a move the president touted as “Liberation Day” from international trade rules he argues have harmed the country.Dimon described Trump’s tariffs as one of several factors that could boost inflation, along with continued high fiscal deficits, “the remilitarization of the world” and major investments supporting infrastructure and the green economy.”While inflation has come down, most of what I see in the future is inflationary,” said Dimon, who backs the need for reducing the US deficit.”These large deficits are not sustainable –- I do not know whether it will cause a real problem in six months or six years –- the sooner we deal with it, the better,” Dimon said.

US President Donald Trump on Monday threatened fresh tariffs of 50 percent on China and ruled out any pause in his aggressive new global trade policy, despite a dramatic market sell-off.Trump upended the world economy last week with sweeping tariffs that have raised fears of an international recession and triggered criticism even from within his own Republican Party.As the trade war escalates, Beijing — Washington’s major economic rival — unveiled its own 34 percent duties on US goods to come into effect on Thursday.The US president chastised China for ignoring his warning that targeted countries should not to retaliate.He said that if Beijing did not immediately back down the United States would impose additional 50 percent tariffs on China from Friday.”I have great respect for China but they can not do this,” Trump said in the White House. “We are going to have one shot at this… I’ll tell you what, it is an honor to do it.”With the incoming 34 percent rate and new 50 percent threat, the total extra tariffs on China this year could rise to 104 percent, the White House told AFP.- China responds -Beijing hit back, saying in a statement from its US embassy that “pressuring or threatening China is not a right way to engage.”Stock markets and oil prices collapsed further, as trading floors across the world endured waves of selling after last week’s sharp losses.Wall Street stocks finished lower following a volatile session, with both the Dow and S&P 500 ending down.But Hong Kong collapsed by 13.2 percent Monday, its worst day in nearly three decades.Trillions of dollars have been wiped off combined stock market valuations in recent sessions. Tokyo closed down by almost eight percent. Frankfurt fell as much as 10 percent in early trading before paring back losses.Trump doubled down again on Monday, saying he was “not looking” at any pause in tariff implementation.He also scrapped any meetings with China over tariffs, but said the United States was ready for talks with any country willing to negotiate.”There can be permanent tariffs, and there can also be negotiations, because there are things that we need beyond tariffs,” Trump said while meeting Israeli Prime Minister Benjamin Netanyahu, the first leader to lobby him in person over the levies.A 10 percent “baseline” tariff on US imports from around the world took effect Saturday, and a slew of countries will be hit by higher duties from Wednesday, including the levy of 34 percent for Chinese goods as well as 20 percent for EU products.Scores of countries have sought talks, Treasury Secretary Scott Bessent told Fox News, adding “through good negotiations, all we will do is see levels come down.”EU trade ministers were in Luxembourg on Monday to discuss the bloc’s response, with Germany and France having advocated a tax targeting US tech giants.”We must not exclude any option on goods, on services,” said French Trade Minister Laurent Saint-Martin.The 27-nation bloc should “open the European toolbox, which is very comprehensive and can also be extremely aggressive,” he said.But signs of divergence emerged from Ireland, whose low corporate tax rate has attracted US tech and pharmaceutical companies.Targeting services “would be an extraordinary escalation,” said Irish Trade Minister Simon Harris.- Inflation? Recession? -Bitcoin tumbled, while the dollar rebounded after sharp losses last week.”Don’t be Weak! Don’t be Stupid!” Trump urged Americans minutes before Wall Street opened. “Be Strong, Courageous, and Patient, and GREATNESS will be the result!”The 78-year-old Republican believes that the tariffs will revive America’s lost manufacturing base by forcing foreign companies to relocate to the United States, rather than making goods abroad.But most economists question his theory and say his tariffs are arbitrary.JPMorgan Chase CEO Jamie Dimon warned of coming inflation, adding “whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”US Senator Ted Cruz — a staunch Trump loyalist — expressed widespread concern among Republican lawmakers over the impact on ordinary voters.He warned of a jobs crunch and rising prices, saying a recession would mean a “bloodbath” for Republicans in mid-term elections next year.

Stock markets and oil prices slumped further on a black Monday for markets as US President Donald Trump stood firm over his tariffs despite recession fears.Trading floors across the globe experienced waves of further selling after last week’s sharp losses, with Trump telling Americans to “be strong, courageous, and patient,” minutes before the New York stock market opened to drops of over three percent.Both the Dow and S&P 500 finished volatile sessions lower while the Nasdaq mustered a modest gain.Much worse hit was Hong Kong, which collapsed by 13.2 percent in its worst day in nearly three decades.Trillions of dollars have been wiped off combined stock market valuations in recent sessions. Taipei stocks suffered their worst fall on record Monday, tanking 9.7 percent. Tokyo closed down by almost eight percent. Frankfurt fell as much as 10 percent in early trading before paring back losses to end the day down 4.1 percent.”The carnage in global equity markets has continued,” said Thomas Mathews, Asia Pacific head of markets at Capital Economics.A 10 percent “baseline” tariff on imports from around the world took effect Saturday.A slew of countries will be hit by higher duties from Wednesday, with levies of 34 percent for Chinese goods and 20 percent for EU products.Beijing last week announced its own 34 percent tariff on US goods, which will come into effect on Thursday.Trump on Monday threatened to slap an additional 50 percent tariff on China if Beijing did not withdraw its retaliation plans — heightening the prospect of another round of tit-for-tat hikes.Major US indices briefly surged into positive territory following a report that White House economic advisor Kevin Hassett said Trump was considering a 90-day tariff pause.But markets retreated when the White House denied the story posting Hassett’s interview on Fox News that had been misquoted.- Bitter medicine -Hopes that the US president would rethink his policy in light of the turmoil were dashed on Sunday when he said he would not make a deal with other countries unless trade deficits were solved.”Sometimes you have to take medicine to fix something,” he said of the market pain that has wiped trillions of dollars off company valuations, which impacts the retirement savings of many Americans.In a letter to shareholders, JPMorgan Chase CEO Jamie Dimon warned that Trump’s broad tariffs “will likely increase inflation.””Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” Dimon said, concluding that “the recent tariffs will likely increase inflation.”With the start of the first quarter earnings reports, the market is likely to get a flurry of updated outlooks by companies that could further dampen sentiment.Concerns about future energy demand saw oil prices slide more than two percent, having dropped some seven percent Friday. Both main contracts hit their lowest levels since 2021, but then cut losses.- Key figures around 2050 GMT -New York – Dow: DOWN 0.9 percent at 37,965.60 (close)New York – S&P 500: DOWN 0.2 percent at 5,062.25 (close)New York – Nasdaq Composite: UP 0.1 percent at 15,603.26 (close)London – FTSE 100: DOWN 4.4 percent at 7,702.08 (close)Paris – CAC 40: DOWN 4.8 percent at 6,927.12 (close)Frankfurt – DAX: DOWN 4.1 percent at 19,789.02 (close)Tokyo – Nikkei 225: DOWN 7.8 percent at 31,136.58 (close)Hong Kong – Hang Seng Index: DOWN 13.2 percent at 19,828.30 (close)Shanghai – Composite: DOWN 7.3 percent at 3,096.58 (close)West Texas Intermediate: DOWN 2.1 percent at $60.70 per barrelBrent North Sea Crude: DOWN 2.1 percent at $64.21 per barrelEuro/dollar: DOWN at $1.0904 from $1.0956 on FridayPound/dollar: DOWN at $1.2723 from $1.2887Dollar/yen: UP at 147.83 yen from 146.93 yen Euro/pound: UP at 85.68 pence from 85.01 penceburs-jmb/bjt