JPMorgan Chase CEO Jamie Damon He said Wednesday that tariffs are looming that Pres Donald Trump It is expected to slap US trading partners and could be viewed positively.
Despite concerns that tariffs could spark a global trade war and reignite inflation domestically, the head of the largest US bank by assets said tariffs could protect US interests and bring trading partners back to the table to get better deals for the country, if used correctly. .
“If it's a little inflationary, but good for national security, so be it. I mean, get over it,” Dimon told CNBC. Andrew Ross Sorkin During an interview at the World Economic Forum in Davos, Switzerland. “National security slightly outperforms inflation.”
Since taking office, Trump has been talking about tariffs, and he threatened on Monday Imposing duties on Mexico and CanadaThen expand the range on Tuesday To China and the European Union. The president told reporters that the European Union treats the United States “very poorly” because of its large annual trade surplus. United States last year It achieved a deficit of $214 billion With the European Union until November 2024.
Among the considerations is imposing tariffs of 10% on China and 25% on Canada and Mexico, as the United States looks to review the trilateral agreement that Trump negotiated during his first term. The agreement between the United States, Mexico and Canada is scheduled to be reviewed in July 2026.
Dimon did not go into detail about Trump's plans, but said it depends on how the tariffs are implemented. Trump indicated that the tariffs could take effect on February 1.
“I look at tariffs, they're an economic tool, that's all,” Dimon said. “It's an economic weapon, it depends on how you use it, why you use it, and things like that. Tariffs are inflationary, not inflationary.”
Trump flattened tariffs extensively during his first term, during which inflation fell to less than 2.5% each year. Despite the looming threat of tariffs, the US dollar fell this week.
“Tariffs can change the dollar, but the most important thing is growth,” Dimon said.
Dimon wasn't the only major Wall Street CEO to speak favorably of tariffs.
Goldman Sachs CEO David Solomon, who also spoke to CNBC from Davos, said business leaders are preparing for shifts in policy, including on trade issues.
“I think it turns into a rebalancing of some trade agreements over time,” Solomon said. “I think that rebalancing can be constructive for American growth if handled correctly.” “The question is: how quickly, how thoughtfully, how thoughtfully. Some of this is tactics for negotiating more things than just trade.”
“If used appropriately, it can be constructive,” he added. “This will unfold over the course of the year, and we will have to watch it closely.”
