JPMorgan Chase CEO Jamie Dimon warned on Tuesday that a recession is on the horizon thanks to the continuing trade tensions with China.
“Of course there’s a recession ahead,” Dimon said during a morning call with reporters after the bank announced its third-quarter earnings.
“It does look like geopolitics, particularly around China and trade, are reducing business confidence and business capital expenditure,” Dimon added.
The comments come just days after President Trump announced the first phase of a trade deal with China that guarantees another $40 billion in purchases of US goods and will keep tariffs on Chinese imports.
The market reaction to the deal, which hasn’t been written and still needs to be signed, was muted on Monday, with markets about flat.
Businesses have been slowing hiring in recent months as the trade war has dragged on into its 18th month — with economists worried that that will hit consumers.
Dimon added that consumers haven’t shown the same worries that businesses have — especially since unemployment reached a 50-year low last month.
“The consumer is not under strain. The consumer is doing fine,” he said.
On Tuesday, JPMorgan announced that the bank’s profits rose 8 percent during the third quarter, to $9.1 billion, beating analysts’ expectations.
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