Jamie Dimon says Trump's tariff policy is positive for national security so people should 'get over it'
Source: CNBC
JPMorgan Chase CEO Jamie Dimon said Wednesday that the looming tariffs that President Donald Trump is expected to slap on U.S. trading partners could be viewed positively. Despite fears that the duties could spark a global trade war and reignite inflation domestically, the head of the largest U.S. bank by assets said they could protect American interests and bring trading partners back to the table for better deals for the country, if used correctly. If its a little inflationary, but its good for national security, so be it. I mean, get over it, Dimon told CNBCs Andrew Ross Sorkin during an interview at the World Economic Forum in Davos, Switzerland. National security trumps a little bit more inflation.
Since taking office, Trump has been saber-rattling on tariffs, threatening Monday to impose levies on Mexico and Canada, then expanding the scope Tuesday to China and the European Union. The president told reporters that the EU is treating the U.S. very, very badly due to its large annual trade surplus. The U.S. last year ran a $214 billion deficit with the EU through November 2024. Among the considerations are a 10% tariff on China and 25% on Canada and Mexico as the U.S. looks forward to a review on the tri-party agreement Trump negotiated during his first term. The U.S.-Mexico-Canada Agreement is up for review in July 2026.
Dimon did not get into the details of Trumps plans, but said it depends on how the duties are implemented. Trump has indicated the tariffs could take effect Feb. 1. I look at tariffs, theyre an economic tool, Thats it, Dimon said. Theyre an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary. Trump leveled broad-based tariffs during his first term, during which inflation ran below 2.5% each year. Despite the looming tariff threat, the U.S. dollar has drifted lower this week. Tariffs can change the dollar, but the most important thing is growth, Dimon said. Dimon wasnt the only big Wall Street CEO to speak of tariffs in a positive light.
Goldman Sachs CEO David Solomon, also speaking to CNBC from Davos, said business leaders have been preparing for shifts in policy, including on trade issues. I think it turns into a rebalancing of certain trade agreements over time. I think that rebalancing can be constructive for U.S. growth if its handled right, Solomon said. The question is, how quickly, how thoughtfully. Some of this is negotiating tactics for things over than simply trade. Used appropriately, it can be constructive, he added. This is going to unfold over the course of the year, and we have to watch it closely.
Read more: https://www.cnbc.com/2025/01/22/jamie-dimon-on-trumps-tariffs-get-over-it.html
Autumn
(46,997 posts)sakabatou
(43,671 posts)Hotler
(12,567 posts)Shut up and go grab your shine box.
Bernardo de La Paz
(52,062 posts)delisen
(6,727 posts)Guess Dimon sees a big payday in screwing the citizenry.
Expect big bank fees and 100% interest on credit cards .
Or maybe there is a Jaime/@Chase crypto coin in the works
Bernardo de La Paz
(52,062 posts)delisen
(6,727 posts)I always appreciate someone correcting my errors and always appreciate those whose gift for accuracyhan mine. and attention to detail are greater than mine
Bernardo de La Paz
(52,062 posts)Butterflylady
(4,094 posts)Just because someone doesn't spell a name correctly. Heck I do that all the time.
Bernardo de La Paz
(52,062 posts)We got it sorted out and it is cool.
Relax. We all make mistakes. Repeating a mistake twice in one brief post is not usually a typographical error. In this case it seems to have been an atomic typo.
Mike 03
(17,928 posts)I'm also trying to figure out why a guy as intelligent as Dimon is throwing himself behind Trump. And this is not new. Going back even a year he was on Bloomberg Radio saying he was leaning towards supporting Trump. Then, according to Forbes, he privately backed Kamala Harris.
He sounds like a bloody fool when he talks about the bright side of tariffs. No economist believes he is this dumb. So I'm leaning towards your idea that he sees some big opportunity coming up with crypto, or as a result of some kind of further bank deregulation. (In addition to tax cuts, I guess too).
Scrivener7
(53,683 posts)I'm at a loss.
Ray Bruns
(4,868 posts)ExciteBike66
(2,668 posts)Justice matters.
(7,713 posts)Struggles will only be "temporary" ... so, so what... eat cat food, peasants...
lapfog_1
(30,409 posts)including Trump and Elmo and people like Jamie F'ing Dimon.
And then they all turn into Luigi Mangione.
They are all heavily armed, think they are above the law... and foolishly think Trump is on their side.
durablend
(8,101 posts)They'll be told by their masters "THE LEFT DID THIS TO YOU" and they'll nod and obey.
Irish_Dem
(62,144 posts)FakeNoose
(36,394 posts)I wouldn't call Jamie Dimon a MAGA. He's one of the original "American oligarchs," before we even thought in such terms.
The thing about Chump's tariffs is that they're really nothing more than an excise tax that's being used to punish certain groups that are on Chump's "naughty/disloyal" list.
Do the billionaires care about paying taxes? Of course not, none of this affects them. In some cases it will help them make more money. Some American companies that were formerly profitable, will be up for grabs in a couple of years. Well who will be doing the grabbing? The one-per-centers of course. This is how late-stage capitalism works.
Irish_Dem
(62,144 posts)They are one and the same now.
And also make no mistake, Trump's policies are most likely designed to make
his billionaire minders happy.
FakeNoose
(36,394 posts)wolfie001
(3,965 posts)He's a nasty m6therf6cker.
Response to Mr. Sparkle (Original post)
Post removed
Mike 03
(17,928 posts)Jamie Dimon is not this stupid, simpleminded imbecile. He's been searching for excuses to back Trump since at least last winter, and it has to be tax cuts and deregulation. But I wish he would just be honest instead of trying to find these supernatural justifications which NO economist or experienced investor could ever credibly believe. He might be able to get away with this on CNN, addressing an audience that doesn't know so much about banking, investment, tariffs, economics. He's just making a goddamned fool of himself in front of his peers.
nowforever
(426 posts)If China decided to not sell rare earth minerals to the US it would collapse the technology based part of our economy. China controls most of world's rare earth minerals and their refinement, it also controls a number of other raw materials and products we cannot obtain anywhere else. Mexico and Canada are critical trading partners and screwing them is like punching yourself in the face to win a fight. This is the kind of stupidity that brought on the Great Depression. Of course I believe 90% of what the Orange Idiot says is bullshit and just designed to manipulate people, it's just a game to him and he has no concern or understanding of its real world impacts. They voted in an idiot and now we must face the consequences.
Dark n Stormy Knight
(10,112 posts)and for self-aggrandizement & self-enrichment. In most other areas of knowledge he is a fucking moron.
I cannot understand how anyone who listens to him speak cannot see that he is entirely full of shit. Reminds me very much of a student who didn't even open the book giving an oral book report.
live love laugh
(14,786 posts)Yavin4
(36,836 posts)Because now that we've conquered Western democracy, the lone challenge to our global rule is the emergence of China.
zorbasd
(278 posts)malakizmeno kormi kai si.
Translation;
Oh com'on Dimon, fapped up corpse of yours...
travelingthrulife
(1,325 posts)Deminpenn
(16,435 posts)IF done thoughtfully and are targeted.
The problem is Trump is ham-fisted and gives no forethought to any of his policy pronouncements.
Also, Trump was elected because his voters were irked by inflation. They probably won't like a new round of inflation no matter how much national security is obtained by tariffs.
GiqueCee
(1,617 posts)... but Mr. Dimon is never at a loss when it comes to spewing self-serving bullshit. He is a textbook sociopath who has zero concern for the adverse effects that predatory capitalism in general, and his bank's dishonest policies in particular, have on those of us who aren't billionaires.
One thing that he and his ilk should never forget: There are far more of us than there are of you, and you can only abuse people for so long before they say, ENOUGH!
I think that line has already been crossed.
Hassler
(3,932 posts)republianmushroom
(18,608 posts)dchill
(41,020 posts)truthisfreedom
(23,344 posts)On Chinese electronic components from last time, this goofball was in office.
Heres his plan. He puts tariffs on all these goods coming in from other countries. US consumers have to pay all of the tariffs, despite all of his lies. He uses the tariffs to offset tax cuts for the very, very wealthy. The next president is stuck with his tariffs because removing them destroys our ability to pay the national debt, since were not collecting enough taxes. Thats what he did to Joe.
IbogaProject
(3,978 posts)They thrive on boom bust cycles.
mathematic
(1,542 posts)Was Biden MAGA when he raised tariffs on China, most of SE Asia, and even Canada?
Oh, but a banker says it and suddenly it's all MAGA this and MAGA that. At least Dimon is actually describing the tariffs accurately, as economic weapons that can be harmful but can serve non-economic purposes, like national security.
Deminpenn
(16,435 posts)Dimon accurately described how tariffs can be effective, if used correctly and targeted.
None of the above applies to Trump's ideas on tariffs.