The JP Morgan Chase chief has warned it is “a likely outcome” that there will be a recession as the US President Donald Trump’s tariffs war has made the stock markets uncertain as to how the levies will escalate.

Jamie Dimon said in an exclusive interview there could be further headaches for Wall Street and other markets globally.

He said that since 2 April the S&P 500, Nasdaq and the Dow Jones have plummeted, then again on Wednesday they traded even lower.

“I hear it from just everybody now, ‘I’m going to cut back a little bit, I’m gonna wait, see what happens.’ That is kind of recessionary talk,” he told Fox Business.

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He was asked if he believes there will be a recession, he said, “I am going to defer to my economists at this point, but I think probably that’s a likely outcome.”

Dimon said, “I think probably that’s a likely outcome, because markets, I mean, when you see a 2000-point decline [in the Dow Jones Industrial Average], it sort of feeds on itself, doesn’t it?”

He added, “It makes you feel like… you’re losing money in your pension. You’ve got to cut back.”

Just after Wall Street opened the markets fell slightly and Trump wrote on Truth Social “BE COOL!

“Everything is going to work out well. The USA will be bigger and better than ever before!”

“THIS IS A GREAT TIME TO BUY!!! DJT.”

The Dow Jones fell to 0.9% and climbed holding at around 0.5%, the Nasdaq was up 0.72% and the S&P 500 index lost 0.7%.