Jamie Dimon’s Warning Shot: Tariff Pain Is Just Beginning

Some refer to him as the most powerful banker in America. So, when Jamie Dimon speaks, Wall Street listens. At JPMorgan’s (JPM) investor day in New York, the CEO dropped a warning shot: the full impact of tariffs hasn’t even hit us yet. Even with President Trump’s latest round of duties paused for 90 days, Dimon says the current tariff levels are already “pretty extreme.”

Usually a measured person. Source: Shutterstock

Markets may be rallying now, but Dimon thinks investors are being far too complacent. Dimon estimates revolve around a potential 10% stock market drop as companies start realizing how much these tariffs are eating into their costs and profits.

Cost Pressures Are Already Here

He pointed to big names like Walmart (WMT), which is already raising prices, and others, like GM (GM), JetBlue (JBLU), and Volvo (VLVLY), that have pulled their earnings guidance altogether, citing “unprecedented” cost pressure. “American asset prices are still kind of high,” Dimon said. “Credit today is a bad risk.”

However, he didn’t stop there. Dimon warned that if the global economy slows down due to these trade tensions, central banks won’t be able to save the day. He believes they’ve become too “complacent,” relying on short-term rate tweaks while ignoring more profound structural risks.

In fact, Dimon sees a toxic mix brewing: rising prices, falling profits, tighter credit, and shaky global trade alliances. Other countries are already striking new trade deals—without the U.S., which could further erode America’s economic dominance.

For a guy who’s usually measured, this was a sharp tone. His message is clear: don’t mistake today’s calm for safety. The storm may just be beginning.

Using Tipranks’ Comparison Tool, we’ve assembled all the stocks in the article. Although they come from different industries, you can examine each stock and industry to find out how tariffs have impacted it.