JPMorgan Chase CEO Jamie Dimon warns investors about the potential of rising prices and further slowdown by the US economy as a result of US President Donald Trump’s customs policy.

“The recent tariffs are likely to increase inflation and cause many to consider a greater likelihood of a recession,” warned Dimon in his annual letter to shareholders. “Whether the menu of tariffs causes a recession remains in doubt, but it will slow down growth.”

“Whatever you think of the legitimate reasons for the newly advertised tariffs-and of course, there are some-or the long-term effect, good or bad, there are probably important short-term effects,” he said, noting that price increases will not only affect imported goods but even domestic prices.

Global markets, including crypto markets, have been re -elucing since Sunday in anticipation of Trump’s latest customs announcement on Monday. Bitcoin (BTC) fell under $ 79,000 to its lowest point since November. It is currently shopping flat over the last 24 hours of $ 78,235. Coindesk 20, which tracks the 20 largest crypto assets at market value, is more than 10% today and almost 20% over the past month.

Dimon said he is all for Trump’s “America First” foreign policy, but that it cannot turn into “America alone.”

“If the Western world’s military and economic alliances were to fragment, America himself would inevitably weaken over time,” he warned.