President JP Morgan: The recession is the result of a weighted deviations caused by customs duties

JB Morgan Chis CEO Jimmy Damon said the recession is a ‘probable’ result of the unrest associated with the customs fees imposed by President Donald Trump. “No one wants this to happen, but if that happens, we hope it will be short -term,” Damon added in an interview with “Fox Business” channel, and he continued, “to solve the issues of fees and trade will be a good step.” Damon pointed out that, although he has not noticed an increase in cases of failure to pay until now, it will be expected to happen: ‘We have not yet seen a real slowdown or real stagnation, the position was so short that I had barely calculated it, and since then we have seen nothing. If the interest rates rose a bit, and inflation remained high, and the credit margin began, saw a quick time, I think we would see more credit, but we saw a long time. ” Solution to the uncertainty in its annual message to shareholders, released on Monday, Damon made a quick solution to the uncertainty due to customs duties, saying that “some negative effects are gradually increasing and difficult to change over time.” Last week, Trump announced the worst customs duties during a century, which includes a basic rate of 10% for all exports to the United States, as well as additional “mutual” fees on dozens of countries that considered US administration to place high barriers to US goods. Financial markets fell to this step, and a number of economists expected the US economy to enter this year. “For some, it is perfectly logical to say that trade was unfair,” Damon said, adding that progress in trade agreements is the best that the Trump administration can make to reassure markets.