Trump Issued Advice by World's Most Powerful Banker Amid Global Markets Meltdown Sparked by The Don's 'Insane' Tariff War
Donald Trump announced a 90-day pause on reciprocal tariffs for most countries amid backlash.
April 9 2025, Published 6:30 p.m. ET
JPMorgan Chase CEO Jamie Dimon warned the US is headed for a recession following Donald Trump's "insane" reciprocal tariffs.
While Dimon raised alarm over the economy as global markets plummeted, he also gave a word of advice on how the Republican president can remedy chaos brought by his economic policies, RadarOnline.com can reveal.
Dimon said a 'recession is likely' because the stock market 'feeds on itself.'
Dimon discussed Trump's tariffs on Wednesday as stocks and bonds were being aggressively sold off during the morning trade and markets continued to slump amid uncertainty.
During his appearance on Fox Business' Mornings with Maria, Dimon also addressed increasing panic over 401Ks and pensions amid the intensifying trade war.
The CEO said: "I think probably (a recession is) a likely outcome, because markets, I mean, when you see a 2,000-point decline (in the Dow Jones Industrial Average), it sort of feeds on itself, doesn't it.
"It makes you feel like you're losing money in your 401(k), you're losing money in your pension. You've got to cut back."
The CEO said sharp declines in stocks, bonds, 401K and pensions will cause citizens to 'cut back.'
In response to Trump's tariffs, China announced it will impose an 84% tariff on US goods, a 50 percent jump from the previous level.
Dimon continued: "Markets aren't always right, but sometimes they are right.
"I think this time they are right because they're just pricing uncertainty (at) the macro level and uncertainty (at) the micro level, at the actual company level, and then how it affects consumer sentiment. It's hard to tell."
While Dimon's view of what's to come was concerning, he did offer some hope for the US.
Trump told followers on Truth Social Wednesday morning was a 'great time to buy.'
The JPMorgan Chase CEO added: "Take a deep breath, negotiate some trade deals. That's the best thing they can do.
"I'm taking a calm view. But I think it could get worse if we don't make some progress here."
Shortly after Dimon's interview, Trump addressed tariffs on social media.
He posted on Truth Social: "THIS IS A GREAT TIME TO BUY!!! DJT"
Hours later, Trump announced the 90-day pause on countries that didn't 'retaliate.'
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A few hours later, the president announced a 90-day pause on tariffs amid overwhelming backlash from citizens and economists alike.
He claimed he implemented the pause because around 75 trading partners did not retaliate – and reached out to "discuss" ideas to resolve issues his administration raised.
While tariffs were paused for most countries, a 125% tariff was imposed on China.
Still, social media users slammed Trump and accused him of "market manipulation" after the stock market soared following his "great time to buy" post prior to his announcement.
One X user wrote: "Trump caved because he's the most incompetent, unstable president in history."
Another echoed: "Trump crashed the stock market, crashed the bond market, tanked the world economy, and told us the U.S. would pay off the national debt with the trillions made from his tariffs. He even said on Monday he wouldn't do a deal with the EU based on zero tariffs — and now, all of a sudden, he caves like a real Panican, even though nothing actually changed.
"This is beyond ridiculous. No one's buying it. The world isn't buying it. We've lost our credibility because of Trump's insane, volatile decision-making."
