The business sector has tried to avoid criticizing Trump in public and welcomed his vows of lower taxes and deregulation, but the market sell-off appears to have loosened more tongues on Wall Street.
Stocks swung wildly for a third consecutive day in response to the coming widespread U.S. tariffs, many of which are set to take effect on Wednesday. Now, some Wall Street leaders are warning that more economic pain could be ahead.
The business community has generally tried to avoid criticizing Trump in public and has welcomed his promises of lower taxes and deregulation. But the ongoing market sell-off appears to have loosened more tongues in the financial sector.
JPMorgan Chase CEO Jamie Dimon, who runs the largest U.S. bank and is one of the most powerful leaders on Wall Street, on Monday warned that the tariffs will raise prices, slow economic growth, and hurt the country’s global standing.
«The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse», Dimon wrote in his annual letter to shareholders. «In the short run, I see this as one large additional straw on the camel’s back.
