Wall Street bigwigs sound off on tariff risks, warn of short-term weakness in US economy
‘I don't think the average American consumer waking up in the morning to go to work ...... is going to change their behaviour as a result of reading tariff news,’ JPMorgan Chase CEO Jamie Dimon said in an interview on Wednesday, ’but businesses might.’ He added, ‘Uncertainty is ultimately not good.’ On Wednesday, Trump announced a 25% across-the-board tariff on all steel and aluminium imports into the US. Despite Trump's claims that the move is aimed at reinvigorating U.S. manufacturing, curbing illegal immigration and disrupting fentanyl smuggling, economists have warned that the across-the-board tariffs could lead to higher prices for all types of goods, from food to newly built homes. Dimon wasn't the only CEO to speak out about the risks of tariffs on the day.Larry Fink, chief executive of BlackRock, the world's largest asset manager, said in an interview that tariffs are causing the economy to weaken.’ The combined effect in the short term is that people are pausing their investments, shrinking their businesses,’ Fink said, adding, ’From the conversations I've had with CEOs across a wide range of industries, the economy is really stalling out at the moment.’ Fink also noted, however, that the Trump administration's policies (especially the tariff initiatives) could be good for the U.S. in the long run.
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