JPMorgan Chase CEO Jamie Dimon criticized President Donald Trump’s early tariff technique as “too large, too big and too aggressive” — at the same time as he acknowledged the broader purpose of addressing commerce imbalances had benefit.
Dimon mentioned the preliminary rollout was overly harsh however a part of a calculated push to deliver buying and selling companions to the negotiating desk.
Trump’s strategy was initially flawed in execution, however not in intent, the senior Wall Avenue banker instructed Fox 11 Los Angeles.
“It was part of a master plan to get people to the table,” he mentioned. “It’s OK to say if it’s unfair [and] we want to fix it.”
Dimon, one of many few high-profile Wall Avenue executives to supply nuanced commentary on Trump’s financial playbook, has positioned himself as a essential pal.
Whereas he has repeatedly voiced issues about coverage uncertainty and the hazard of alienating key commerce allies, he has additionally credited the administration with drawing consideration to long-standing issues within the international buying and selling system.
“Tariffs are likely to prove only modestly inflationary,” Dimon mentioned, including that they’ve “the potential to do some good stuff for the economy.”
In his 2024 shareholder letter, Dimon pushed again on the administration’s declaration that “friend and foe” could be handled alike underneath the tariff regime.
“Economics is the longtime glue,” he wrote. “‘America First’ is fine, as long as it doesn’t end up being America alone.”
The top of the nation’s largest financial institution, who earned $39 million final 12 months, additionally weighed in on the not too long ago introduced UK-US commerce settlement, applauding the deal in precept however cautioning that it was only a first step.
“These are deals in principle,” Dimon mentioned. “A real trade deal would be 10 or 20,000 pages long. But any progress is good.”
He expressed optimism that the settlement marked a thaw in worldwide tensions.
“I am very happy it took place,” he mentioned. “The tariff stuff… was very big and very large and everybody all at once. I think it’s very important that they start to show progress in the deal.”
Dimon additionally famous encouraging indicators of improved US relations with China, and mentioned diplomatic “positive rumblings” had been rising from Japan and Taiwan.
Requested if he had any recommendation for Trump, who beforehand shared Dimon’s interviews on social media, the CEO replied: “Keep doing what you’re doing now.”
Dimon emphasised that any critical second-term agenda ought to prioritize pro-growth reforms that embrace revamping immigration insurance policies.
“When you look at it, the border has been successful… after you eliminate the criminal element, I would try to work on real immigration reform,” he mentioned.
“We need seasonal workers, we need a path to citizenship for some of the undocumented but law-abiding immigrants, we need DACA.”
He urged the administration to stay with its financial agenda and never get distracted.
“Be pro-growth, pro-deregulation, and active on tax reform,” Dimon mentioned.
“Those things could be very good for the growth of the American economy. And the tariffs? Just make progress now, country by country, tariff by tariff.”
The Publish has sought remark from the White Home.
