JPMorgan Chase CEO Jamie Dimon warns "it is a recession going forward"
JPMorgan Chase CEO Jamie Dimon warned on Tuesday that a recession is on the horizon thanks to continued trade tensions with China.
"Of course, there is a recession going forward," Dimon said during a morning call with reporters after the bank announced its third-quarter earnings.
"It looks like geopolitics, especially around China and trade, is reducing business confidence and spending on business capital," Dimon added.
The comments come just days after President Trump announced the first phase of a trade agreement with China that guarantees a further $ 40 billion in US goods purchases and will keep Chinese tariffs on Chinese imports.
The market reaction to the agreement, which is not written and still must be signed, was dampened on Monday, with markets on the flat.
Businesses have been declining in recent months as the trade war has moved on to the 1[ads1]8th month – with economists worried that it will hit consumers. [19659002] Dimon added that consumers have not shown the same concerns that businesses have – especially since unemployment reached a 50-year low target last month.
“The consumer is not under load. The consumer is doing well, "he said.
On Tuesday, JPMorgan announced that the bank's profit increased 8 percent during the third quarter to $ 9.1 billion, beating analysts' expectations.
