"I don't think the average American consumer wakes up in the morning and goes to work... will change their behavior when they read about the tariffs," Jamie Dimon, chief executive of JPMorgan Chase, said in an interview on Wednesday. "But maybe businesses will," he added. "Uncertainty is not always a good thing." On Wednesday, Mr. Trump announced sweeping tariffs of 25 per cent on all imports of steel and aluminium into the US. Despite Mr. Trump's claims that the move was aimed at reviving US manufacturing, curbing illegal immigration and halting fentanyl smuggling, economists warned that sweeping tariffs could lead to higher prices for everything from food to new homes. Mr. Dimon was not the only CEO to speak out about the risk of tariffs that day. Larry Fink, chief executive of BlackRock, the world's largest asset manager, said in an interview that tariffs were weakening the economy. "The combined effect in the short term is that people are suspending investment and shrinking business," Fink said. "From my conversations with CEOs across industries, the economy is really stalling right now." However, Fink also pointed out that the Trump administration's policies, especially tariffs, could benefit the United States in the long run.