Jamie Dimon said during a global summit that “there’s a chance” the president’s policies could cause stagflation.

JPMorgan Chase CEO Jamie Dimon cautioned about the US tariff policy. He highlighted potential economic damage. Dimon noted rising tariffs and inflated asset prices. He also mentioned tougher borrowing conditions for businesses.

"I think the chance of inflation going up and stagflation is a little higher than other people think," Jamie Dimon said on Monday.

Trump has since hit the brakes on the hyper-charged levies, notably bringing duties on Chinese imports down from 145 percent to 30 percent. The stock market has rallied as a result, and the economic picture in the U.S. is slightly less bleak.

Americans might feel anxious about inflation and tariffs, but according to JPMorgan Chase (JPM) CEO Jamie Dimon, Wall Street hasn’t even begun to worry enough — and that, he says, is a big mistake.