JPMorgan CEO Jamie Dimon suggests that President Trump's proposed tariffs on trading partners could be beneficial for national security, even if they lead to some inflation. Dimon believes that tariffs can be a useful economic tool if implemented strategically.
JPMorgan CEO Jamie Dimon expressed a surprisingly positive outlook on the potential tariffs President Donald Trump is expected to impose on U.S. trading partners. During an interview at the World Economic Forum in Davos , Switzerland, Dimon stated that if tariffs lead to a slight increase in inflation but safeguard national security, the consequences are acceptable. He emphasized that national security should take precedence over minor inflation concerns.
'If it's a little inflationary, but it's good for national security, so be it. I mean, get over it,' Dimon told CNBC. 'National security trumps a little bit more inflation.'President Trump has indicated that the European Union treats the U.S. unfairly due to its substantial trade surplus. Among the proposed measures are a 10% tariff on goods from China and 25% tariffs on products from Canada and Mexico. These tariffs are part of a review of the tri-party agreement, the U.S.-Mexico-Canada Agreement (USMCA), which is scheduled for assessment in July 2026. Although Dimon refrained from delving into the specifics of Trump's plans, he stressed that the impact of tariffs hinges on their implementation. Trump has suggested that these tariffs could be implemented as early as February 1st.Dimon characterized tariffs as an economic tool that can be wielded effectively depending on the intended purpose and execution. He acknowledged that tariffs can be inflationary but also asserted that they don't necessarily have to be. During Trump's first term, when he implemented broad-based tariffs, inflation remained below 2.5% annually. Despite the looming threat of tariffs, the U.S. dollar has weakened slightly this week. Other prominent business leaders, such as Goldman Sachs CEO David Solomon, also speaking from Davos, have indicated that companies are preparing for policy shifts, including trade-related changes. Solomon believes that a rebalancing of trade agreements can be beneficial for U.S. growth if handled thoughtfully and strategically. 'This is going to unfold over the course of the year, and we have to watch it closely,' he added
JPMORGAN DIMON TRUMP TARIFFS TRADE WAR INFLATION NATIONAL SECURITY Davos
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