The JPMorgan Chase CEO cautioned the U.S. economy faces “considerable turbulence” as Trump tees up a trade war with China while still promising his market-crashing reciprocal tariffs on the rest of the world will return in the summer.

Jamie Dimon cited “sticky inflation, high fiscal deficits and still rather high asset prices and volatility” in his remarks.

Potential negatives Dimon sees include tariffs and trade wars, ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility.