JPMorgan Chase CEO Jamie Dimon is warning investors that the U.S. economy is facing "considerable turbulence," calling President Trump's escalating trade war, which has sent markets reeling, "one large additional straw on the camel’s back"

"The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession," Dimon wrote in a letter to shareholders Monday morning. "Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth."

Trump unveiled his sprawling tariffs on Wednesday — an effort he says will ultimately better position the U.S. for growth and encourage American production. He has

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