JPMorgan CEO Jamie Dimon remains cautious about ongoing market volatility driven by geopolitical uncertainty, particularly around U.S. tariff policy, despite recent trade deals with the U.K. and China. While he sees the U.S. as a strong long-term investment, Dimon warns that recession risks and inflationary pressures remain, and believes continued volatility is likely due to unresolved global issues and potential sector-specific tariffs.

President Trump's intermediary deals with China and the U.K. have done little to convince Jamie Dimon that market volatility arising out of White House tariff policy is over.

The JPMorgan CEO has warned that uncertainty prompted by Trump's foreign policy isn't good for businesses, but has maintained that the tariffs are unlikely to be as inflationary as some critics fear.

The man dubbed the 'White Knight of Wall Street' added this week that while it's positive that the Trump team at last secured its 'first mover' in Sir Keir Starmer's Westminster government, there is still room for further unease.

While Dimon said some clients had made money on the highs and lows of recent weeks, others had lost out, adding: "I would expect continued volatility."

"I think it's a mistake to think we can go through all the things we're going through and the volatility itself will come down," Dimon told Bloomberg in Paris on Thursday.

He added: "Markets are quite unpredictable. I think there's a lot of uncertainty out there that you can't discount: War in Ukraine, terrorism in the Middle East, Iran, huge deficits, our tax bill—which I would like to see a good tax bill passed—the tariffs, the reaction of [a] country to tariffs.

"The EU and the U.K. are about to negotiate, I think they have a chance to actually develop a great relationship, partially making up for the disaster that Brexit became. So yeah, those are uncertainties. You can't eliminate them because you want to."

That being said, the outlook is looking up somewhat courtesy of the deal signed with the U.K., plus Treasury Secretary Scott Bessent's announcement this week that the U.S. and China had agreed to simultaneously lower their tariff rates by 115% on one another.

"I'm grateful they did the U.S.-U.K. deal," Dimon added. "It's an agreement in principle, so there's a lot of uncertainty still, and there's a lot of uncertainty still in the China thing, but at least we started. It obviously calms down the markets."