JPMorgan Chase CEO Jamie Dimon warned that President Trump’s newly announced tariffs will likely raise both domestic and imported goods prices, adding pressure to an already slowing U.S. economy.

In his annual shareholder letter, Dimon said the tariffs could cause inflation and weaken growth, though it’s unclear if they’ll trigger a recession.

He noted growing risks from trade uncertainty, market volatility, and stubborn inflation, adding that the economy was already softening before the tariffs, CNBC has reported.

Dimon, who previously downplayed tariff concerns, now calls them a major strain on an economy facing “considerable turbulence.”

Written by B.C. Begley