Related: Dimon’s 5% Yield Warning ‘Perfectly Reasonable’

One possible factor that could derail potential rate hikes going forward are ongoing trade wars, particularly between the United States and China. Most recently, the Trump administration imposed a 10% tariff on $200 billion worth of Chinese goods that includes a step-up increase to 25% by the end of the year, which was met with China imposing $60 billion worth of tariffs on U.S. goods last week.

“The president raised very, very good issues (on China),” said Dimon, but also said tariffs are “not a great way to go about it” as they “could easily offset some of the benefits from regulatory reform and tax reform.”

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