JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon says the ongoing tariff war with China is fueling much of the stock-market volatility giving traders stomach ulcers.

Traders, executives and other market watchers are trying to figure out how bad conditions could get and are factoring it into their earnings outlooks, Dimon told CNBC.

The trade “skirmish” with China is forcing business leaders to find new supply lines and rethink investments or hold off on investments, CNBC explained.

“Those things are just causing uncertainty, which causes volatility.”

Meanwhile, Dimon was elected chairman of the Business Roundtable for a third year as the lobbying group looks to influence policy in the second half of U.S. President Donald Trump’s term, Bloomberg reported.

The Washington-based group, which announced Dimon’s re-election in a statement Thursday, represents some 200 CEOs at companies from AT&T Inc. to General Motors Co.

Dimon says he doesn’t expect the U.S. and China to come to final terms on their trade negotiations in three months, but they should be able to make progress. He places the likelihood of an agreement at 60 percent but says there’s always a risk that something goes south. “That kind of uncertainty is just not good for markets.”

Meanwhile, market statisticians are falling over each other in 2018 to describe the pain being felt across asset classes. One venerable shop frames it this way: Things haven’t been this bad since Richard Nixon’s presidency, Bloomberg reported.

Ned Davis Research puts markets into eight big asset classes — everything from bonds to U.S. and international stocks to commodities. And not a single one of them is on track to post a return this year of more than 5 percent, a phenomenon last observed in 1972, according to Ed Clissold, a strategist at the firm.

In terms of losses, investors have seen far worse. But going by the breadth of assets failing to deliver upside, 2018 is starting to look historic.

Nothing’s working, not large or small-cap stocks in the U.S., not international or emerging equities, not Treasuries, investment-grade bonds, commodities or real estate. Most of them are down, and the ones that are up are doing so by percentages in the low single-digits.

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