JPMorgan CEO Warns Of 'Significant Risks' To US Economy Over Trump Policies

JPMorgan CEO Jamie Dimon warned that President Donald Trump's trade policies could lead to "significant risks" for the United States economy and upend growth, despite acknowledging second quarter profits and praising the passing of the 'One Big Beautiful Bill.'

“The US economy remained resilient in the quarter. The finalization of tax reform and potential deregulation are positive for the economic outlook,” Dimon said, also acknowledging to an increase in the company’s investment banking profits via the New York Post.

“However, significant risks persist – including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices,” he added.

JPMorgan, which is America's largest of the Big Four banks by market capitalization, reported that its net income dropped to $15 billion, a 17% decrease from the second quarter in 2024. The bank said the drop was caused by a one-off $8 billion gain last year from its stake in credit card provider Visa.

JPMorgan's second quarter profits were reported to be equal to $5.24 per share, which was higher than the $4.48 per share forecast made by the London Stock Exchange Group. Tracking revenue was up by 8% to $8.9 billion, with both equities and fixed income markets businesses seeing increases, as well as its investment baking unit, which was also up 8% to $2.5 billion.

Dimon had previously warned that the U.S. economy could face "considerable turbulence" amid Trump's sweeping tariffs in April.

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars’, ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” Dimon said in a filing via the New York Post. “As always, we hope for the best but prepare the firm for a wide range of scenarios.”