NEW YORK, USA – June 10, 2025 – A palpable sense of unease is spreading through Wall Street as a growing chorus of top executives, including the heads of the nation’s largest financial institutions, issue stern warnings about the potentially devastating impact of escalating tariffs. Their collective message is clear: the current trajectory of trade policy risks pushing the U.S. economy into “considerable turbulence” and could permanently damage America’s standing in the global financial system.
Jamie Dimon, CEO of JPMorgan Chase, has emerged as a particularly vocal critic, cautioning investors that the full economic consequences of the current tariff strategy are yet to materialize. During a recent investor day, Dimon reportedly stated there is an “extraordinary amount of complacency” in the market, with a “deep and under-appreciated risk” lurking beneath the surface of seemingly stable stock prices. He pointed out that tariffs, even in their scaled-back form, remain at historically high levels not seen in decades, and their cumulative effect on an already fragile economy could be the “additional straw on the camel’s back.” Dimon also raised concerns about a looming “credit crunch” as businesses accustomed to cheap financing face a more hostile lending environment.
Echoing these anxieties, Ken Griffin, founder and CEO of Citadel, one of the world’s largest hedge funds, has directly criticized the “anti-growth” tariff agenda, lamenting its toll on the U.S. economy and its erosion of the nation’s global brand. Griffin, a prominent Republican donor, expressed frustration that the tariffs are destroying faith in America as a trusted and rational actor in international financial markets. He highlighted concerns among traders about parking investments in U.S. Treasury bonds due to this perceived instability. Griffin’s firm, Citadel, has reportedly halved its estimates for 2025 U.S. growth since the current administration took office, directly attributing the slowdown to the tariffs. “The administration’s attempts to use tariffs comes at a dear price to the U.S. economy and… to the U.S. consumer, who will undoubtedly face higher prices in their day-to-day life because of these actions,” Griffin stated.
The collective sentiment among these powerful business leaders suggests a growing fear of an impending economic downturn. While some previously expressed hope for a quick resolution or the potential for tariffs to spur beneficial trade deals, the sustained and unpredictable nature of the policy has shifted their outlook. Instead of spurring domestic job growth as intended, many CEOs now believe the tariffs are disrupting supply chains, increasing costs for both businesses and consumers, and fostering an environment of uncertainty that discourages investment and hiring.
The concerns extend beyond direct economic impact. Dimon, for instance, has voiced his most serious concern about how the aggressive tariff strategy will affect America’s long-term economic alliances, noting that many countries are already negotiating new trade agreements without the United States. This “great realignment” of global trade, as some analysts put it, is seen as a direct consequence of the U.S. protectionist stance, leading to a reevaluation of the U.S. dollar’s dominance as a reserve currency and a quiet retreat of foreign investors from U.S. assets.
As the 90-day pause on some tariffs is set to expire, and with ongoing trade negotiations still uncertain, Wall Street CEOs are entering a phase described by some as “tariff grief,” moving from initial denial and bargaining to a more open expression of anger and depression. They are urging policymakers to find swift resolutions to trade disputes, warning that without a change in course, the U.S. economy faces an inevitable and prolonged period of instability.
