JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon has emerged as a critical voice on President Donald Trump‘s tariff policies, acknowledging legitimate concerns while cautioning against excessive measures that could isolate the U.S. economy.
What Happened: “I thought it was too large, too big and too aggressive when it started,” Dimon told Fox in an interview released Thursday, describing Trump’s initial tariff approach as part of a “master plan to get people to the table.”
Despite these reservations, the Wall Street veteran defended the administration’s fundamental goal. “It’s ok to say if it’s unfair [and] we want to fix it,” Dimon stated, suggesting the White House is justified in addressing perceived trade imbalances.
Why It Matters: Dimon’s comments come amid escalating market concerns about tariff impacts. Citadel founder Ken Griffin recently warned that the policies had “unleashed an era of crony capitalism,” while JPM itself raised recession odds to 60% from 40%, citing supply-chain disruptions. Major ports report Chinese shipments have “essentially ceased.”
The banking executive, who earned $39 million in 2024, has maintained that tariffs would likely prove only “modestly inflationary” with potential to deliver “good stuff” for the economy.
Regarding the recent U.K.-U.S. trade agreement, Dimon welcomed progress while noting it represents just a preliminary step. “Any progress is good,” he said, also expressing satisfaction with improving relations with China, Japan and Taiwan.
When asked what advice he would offer Trump, Dimon recommended: “Keep doing what you’re doing now” on border security, while encouraging focus on immigration reform, pro-growth policies, deregulation and tax reform. On tariffs, he advised: “Just make progress now, country by country, tariff by tariff.”
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
