JPMorgan CEO Jamie Dimon predicted there’s more economic pain in the coming months due to President Donald Trump’s tariffs, warning that complacency in the markets is masking the full future impact, according to reports.

Dimon said he expects earnings estimates for S&P 500 companies to fall to 0% in six months, spurring a drop in stock prices along with it.

“I think earnings estimates will come down, which means PE will come down,” Dimon said, referring to the “price to earnings” ratio, CNBC reported.

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