Billionaires Jamie Dimon and Larry Fink have both begun to express their concern about the impact of Donald Trump’s policies on the US economy.
JPMorgan Chase CEO Dimon, who has had a bumpy relationship with the President, warned this week that the uncertainty around tariffs is ‘not a good thing’ for business.
This was a marked turn from his blunt response two months ago when asked about people protesting Trump’s tariff proposals, when he told them to ‘get over it.’
Fellow billionaire Fink, who is CEO of investment management company BlackRock, also said on Wednesday that the volatility around the policy changes is already hurting the economy.
Trump has proposed sweeping tariffs on Mexico and Canada, which have been delayed twice.
On Thursday, he also threatened a giant 200 percent duty on champagne and wine from the European Union.
Uncertainty around these proposals has spooked the stock market. The S&P 500 has fallen 10 percent since its peak on February 19, which investors term a ‘correction.’
The plunge is the seventh-fastest correction since records began after the Wall Street crash of 1929.