JPMorgan Chase\u00a0CEO\u00a0Jamie Dimon\u00a0said Wednesday that the looming tariffs that President\u00a0Donald Trump\u00a0is expected to slap on U.S. trading partners could be viewed positively.<\/p>\n
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.<\/p>\n
\u201cIf it\u2019s a little inflationary, but it\u2019s good for national security, so be it. I mean, get over it,\u201d Dimon told CNBC\u2019s\u00a0Andrew Ross Sorkin\u00a0during an interview at the World Economic Forum in Davos. \u201cNational security trumps a little bit more inflation.\u201d<\/p>\n
Since taking office Monday, Trump has been saber-rattling on tariffs, threatening Monday\u00a0to impose levies on Mexico and Canada, then expanding the scope Tuesday\u00a0to China and the European Union.\u00a0The president told reporters that the E.U. is treating the U.S. \u201cvery, very badly\u201d due to its large annual trade surplus. The U.S. last year\u00a0ran a $214 billion deficit\u00a0with the E.U. through November 2024.<\/p>\n
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 Trade Agreement is up for review in July 2026.<\/p>\n
Dimon did not get into the details of Trump\u2019s plans, but said it depends on how the duties are implemented. Trump has indicated the tariffs could take effect Feb. 1.<\/p>\n
\u201cI look at tariffs, they\u2019re an economic tool, That\u2019s it,\u201d Dimon said. \u201cThey\u2019re an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary.\u201d<\/p>\n
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.<\/p>\n
\u201cTariffs can change the dollar, but the most important thing is growth,\u201d Dimon said.<\/p>\n
Dimon wasn\u2019t the only Wall Street CEO to speak of tariffs in a positive light.<\/p>\n
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.<\/p>\n
\u201cI think it turns into a rebalancing of certain trade agreements over time. I think that rebalancing can be constructive for U.S. growth if it\u2019s handled right,\u201d Solomon said. \u201cThe question is, how quickly, how thoughtfully. Some of this is negotiating tactics for things over than simply trade.\u201d<\/p>\n
\u201cUsed appropriately, it can be constructive,\u201d he added. \u201cThis is going to unfold over the course of the year, and we have to watch it closely.\u201d<\/p>\n<\/p>\n
JPMorgan Chase\u00a0CEO\u00a0Jamie Dimon\u00a0said Wednesday that the looming tariffs that President\u00a0Donald Trump\u00a0is 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 […]<\/p>\n","protected":false},"author":0,"featured_media":14246,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-14245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/14245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=14245"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/14245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/14246"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=14245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=14245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=14245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}