JPMorgan Chase CEO Jamie Dimon is warning investors about the potential of rising prices and further slowing of the U.S. economy as a result of U.S. President Donald Trump’s tariff policy.

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

“Whatever you think of the legitimate reasons for the newly announced tariffs – and, of course, there are some – or the long-term effect, good or bad, there are likely to be important short-term effects,” he said, noting that price increases will not only affect imported goods but even domestic prices.

Global markets, including crypto markets have been in freefall since Sunday in anticipation of Trump’s most recent tariff announcement on Monday. Bitcoin (BTC), fell below $79,000 to its lowest point since November. It is currently trading flat over the past 24 hours at $78,235. The CoinDesk 20, which tracks the 20 largest crypto assets by market capitalization, is down more than 10% today and nearly 20% over the past month.

Dimon said that he is all for Trump’s “America First” foreign policy, but that it can’t turn into “America alone.”

“If the Western world’s military and economic alliances were to fragment, America itself would inevitably weaken over time,” he warned.