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JPMorgan Chase CEO Jamie Dimon has sent his annual letter to the company’s shareholders. Dimon’s annual letters are wide-ranging and closely followed, and this year’s letter stretches to nearly 60 pages, including footnotes. The shareholders letter for the year 2025 marks Dimon’s first public commentary on Tariff measures announced by the US President Donald Trump. The 69-year-old Dimon has been with America’s largest bank for 19 years and is widely regarded as one of the most prominent voices in corporate America. Dimon often weighs in on government policies, and has been consulted by officials in times of crisis. In the letter, Dimon has refrained from mentioning Trump directly.
Warning and a promise
Dimon’s letter is a mixed bag, it warns of economic pains that Trump tariffs will cause. But at the same time he wrote that there are “of course” some legitimate reasons for the action, and that he hopes “the long-term effect will have some positive benefits” for the US. Despite challenges, Dimon expressed confidence in the long-term resilience of the American economy. “Even with fairly extreme outcomes, our company would remain healthy,” he said. “I still have an abiding faith in America—the exceptional strength of our innovative economy and our resiliency.”
“Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth,” he wrote. He noted that in the short-term consumers in the US could see inflationary pressures. “We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products.”
Dimon highlighted the uncertainty surrounding potential retaliatory actions, investor confidence, corporate profits, and the strength of the U.S. dollar. “The quicker this issue is resolved, the better,” he said, warning that cumulative damage could be hard to reverse.
Jamie Dimon may have agreed with Elon Musk
Though Dimon did not mention Elon Musk, he expressed concern over an issue that Tesla CEO Elon Musk warns of repeatedly: America’s rising fiscal deficit, calling it “the highest peacetime level ever not driven by recessionary needs.” In the letter, Dimon warned the current path of deficit spending, coupled with quantitative tightening, adds to uncertainty around interest rates and asset valuations.
Important to resolve the trade issues quickly to avoid irreversible damage
“The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse,” the CEO wrote.
“Our economy also faces the unknown effects of quantitative tightening… we have never had this much quantitative easing and, therefore, quantitative tightening before,” he said, adding that this dynamic could lead to higher Treasury market volatility.
On interest rates, he emphasized that while the Federal Reserve controls short-term rates, long-term yields remain driven by inflation expectations and global capital flows. “This tug-of-war can go on for some time,” he said, warning of the risk of a repeat of 1970s-style stagflation.
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