India, April 8 -- JPMorgan Chase & Co CEO Jamie Dimon has warned that US President Donald Trump's tariffs can spike up inflation and lead to recession in the world's biggest economy.

Dimon, in his annual letter to shareholders, also suggested that the US should develop closer trade ties with countries such as India instead of asking them to align themselves with the US.

"The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession," Dimon said.

Cautioning that the market valuations are continuing to remain relatively high, he added that "these significant and somewhat unprecedented forces cause us to remain very cautious."

"The economy is facing considerable turbulence (includ...