JPMorgan Chase CEO Jamie Dimon argues in a CNBC interview that a small increase in inflation caused by tariffs imposed for national security reasons would be justifiable. Dimon states that tariffs are an economic tool that can be used for various purposes, and while they may lead to inflation, it's acceptable if they contribute to U.S. national security objectives. He emphasizes that national security should take precedence over minor inflationary concerns. Dimon also highlights the importance of how tariffs are implemented, suggesting they can be used to negotiate more favorable trade terms and address unfair trade practices.
JPMorgan Chase CEO Jamie Dimon said in a new interview that a small increase in inflation caused by the Trump administration's tariff plans would be worthwhile in the service of national security concerns. Dimon appeared on CNBC's "Squawk Box" and said tariffs are an economic tool that can be used for a variety of reasons, and that while they could cause inflation, that would be acceptable if it helped the U.S. meet national security goals.
Dimon went on to say that the way the Trump administration might use tariffs to pursue more favorable trade terms or address national security issues is a more important question than whether they will cause inflation. "But I think, really, the question is how they get used. Can they be used to bring people to the table? Yes. Is there some unfair trade? Yes. Is there some state-owned subsidies? Yes. Is the president going to use it that way and his team? Yeah, and we'll see.
President Donald Trump campaigned on imposing an across-the-board tariff of 10% to 20% on all imported goods, as well as higher tariffs of up to 60% on goods imported from China. While he didn't implement those tariffs during his first two days in office, Trump told reporters at the White House on Tuesday that he's planning to start with a 10% tariff on China that would take effect at the start of February.
TARIFFS INFLATION NATIONAL SECURITY TRADE POLICY DIMON
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