JPMorgan's trading revenue fell 4% to 5% during the first two months of the second quarter from a year earlier, excluding a gain, Dimon said. "The next month could dramatically change that," he said. The trade conflict between the U.S. and China has escalated beyond the level of a "skirmish" and could further weigh on the economy and markets, Dimon said. JPMorgan sees room to boost market share in its Asia prime-brokerage business and fixed-income trading. Dimon expects credit losses to rise across products as businesses mature: "On average, things will get worse over time, not because they're going to get bad, but because it's been so good for so long," he said. "There will be a return to normal."