Trump’s Tariffs Under Fire: Elites Panic as America Fights Back

JPMorgan Chase CEO Jamie Dimon has issued a stark warning about President Donald Trump’s latest round of tariffs, suggesting they could spike inflation and trigger a recession.

In a letter to shareholders, Dimon called the growing trade war “one large additional straw on the camel’s back,” adding that “recent tariffs will likely increase inflation” and “slow down growth.”

Coming from the longtime Wall Street executive who has led JPMorgan for nearly two decades, the message is loud—but should Americans take it at face value?

While Dimon and other financial elites claim the tariffs are damaging investor confidence and undermining America’s global economic alliances, the criticism conveniently aligns with the interests of multinational corporations and global financiers—many of whom have grown rich off decades of outsourcing American jobs and weakening U.S. manufacturing.

Trump, meanwhile, sees it differently.

“I don’t want anything to go down, but sometimes you have to take medicine to fix something,” Trump told reporters aboard Air Force One.

His administration insists the tariffs are a long-overdue response to unfair trade practices that have hollowed out the U.S. industrial base and left American companies at the mercy of foreign competition.

The backlash from Wall Street titans has been swift. Goldman Sachs just raised its estimate for the odds of a recession to 45%. Billionaire hedge fund manager Bill Ackman—who once praised Trump—warned the tariffs are hurting global confidence.

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Clifford Asness, a Republican donor and money manager, even lashed out at fellow conservatives defending the policy, calling them “feckless toadies.”

But it’s worth asking: whose confidence, exactly, is being shaken?

For decades, Wall Street has prioritized short-term gains, cheap foreign labor, and shareholder returns over American workers. Now that Trump is demanding fairer terms for U.S. businesses and workers—terms that might cut into the profit margins of banks and hedge funds—they’re crying foul.

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Dimon worries that protectionist policies could strain America’s long-term economic alliances and weaken capital flows. But Trump’s supporters see those “alliances” for what they really are: lopsided deals that have helped foreign powers prosper while U.S. factories shut down and middle-class jobs vanished.

It’s also important to note the timing of the outrage. While Wall Street benefitted from Trump’s earlier policies—tax reform, deregulation, and an energy boom—now that he’s taking a tougher stance on trade, the financial establishment is suddenly predicting doom.

Yes, there may be short-term pain. But as Trump has said, this is about long-term gain. The goal is to rebuild a manufacturing base, incentivize domestic production, and put the U.S. in a stronger position to negotiate trade deals going forward.

Even Dimon concedes that “after negotiations, the long-term effect will have some positive benefits for the United States.” But Wall Street doesn’t like waiting. It wants certainty, profits, and global stability—especially when it benefits them.

In the end, this isn’t just a debate about tariffs. It’s a clash between two visions of the economy: one that prioritizes shareholder value and global capital, and one that puts American workers, factories, and economic sovereignty first.

As April 9 looms—the date when the next round of tariffs could take effect—expect more headlines of doom and gloom.

But don’t lose sight of the bigger picture. Sometimes, you have to take the medicine.