Chase CEO Jamie Dimon changes tune on Trump tariffs: ‘Get over it’

Jan 22

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Simone Del Rosario Business Correspondent

By Simone Del Rosario (Business Correspondent), Jodie Hawkins (Senior Producer), Joey Nunez (Video Editor)

The CEO of the world’s largest bank is backing President Donald Trump’s tariff plans in a new interview. It’s a reversal from JPMorgan Chase CEO Jamie Dimon’s past stance on tariffs.

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In 2018, Dimon told CNN, that tariffs during Trump’s first term would be a “threat” to the economy.

He doubled down in 2019, telling the lobbying group Business Roundtable that tariffs “wouldn’t be positive,” according to the Financial Times.

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What is Dimon saying now?

Fast forward to Trump’s second term, Dimon had a fresh take while talking with CNBC at the World Economic Forum in Davos, Switzerland.

“They are an economic tool, that’s it. They’re an economic weapon, depending on how you use it and why you use it and stuff like that.” Dimon said. “People are arguing, is it inflationary, is it not inflationary? I would put it in perspective if it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it.”

Dimon did not get into the details, saying the outcome depends on how the tariffs are implemented.

Why didn’t Trump move forward with tariffs on Day 1?

After winning the presidential election, Trump promised tariffs on his first day in office but that didn’t happen.

Trump told reporters Monday, Jan. 20, that he is still considering a 25% tariff on Mexico and Canada, likely to go into effect Feb. 1.

As for China, the president said before taking office that tariffs on Chinese goods could be 60% or more, intensifying an ongoing trade war.

On his second day in office, Trump said they’re looking at a 10% tariff on China for the time being.

In a memo, Trump directed several agencies to study the effects of various tariffs and trade agreements.

He tasked the U.S. trade representative to look into whether China is breaking an existing trade agreement, which could lead to more tariffs.

Tags: Banks, Canada, Chase Bank, China, Donald Trump, Jamie Dimon, JPMorgan, Mexico, Tariff, Trade, U.S. Economy

[Simone]

DONALD TRUMP IS THREATENING THE U.S.’S TOP TRADING PARTNERS WITH MAJOR TARIFFS. BUT FOR ANYONE WORRIED ABOUT REPERCUSSIONS, THE C-E-O OF THE WORLD’S LARGEST BANK HAS A LITTLE ADVICE: GET OVER IT.

FOR JPMORGAN CHASE CEO JAMIE DIMON, IT’S AN ABOUT-FACE. IN 2018, HE TOLD C-N-N TARIFFS DURING TRUMP’S FIRST TERM WOULD BE A “THREAT” TO THE ECONOMY.

HE DOUBLED DOWN IN 2019, TELLING THE LOBBYING GROUP BUSINESS ROUNDTABLE TARIFFS “WOULDN’T BE POSITIVE.” THAT’S ACCORDING TO THE FINANCIAL TIMES. FAST FORWARD TO TRUMP’S SECOND TERM … DIMON HAD A FRESH TAKE WHILE TALKING WITH CNBC AT THE WORLD ECONOMIC FORUM IN DAVOS, SWITZERLAND …

they are an economic tool … that’s it .. they’re an economic weapon depending how you use it and why you use it. And people argue. Is it inflationary? I would put in perspective that if it’s a little inflationary and it’s good for national security so be it. I mean get over it.

DIMON DID NOT GET INTO THE DETAILS, SAYING THE OUTCOME DEPENDS ON HOW THE TARIFFS ARE IMPLEMENTED.

AFTER WINNING THE PRESIDENTIAL ELECTION, TRUMP PROMISED TARIFFS ON HIS FIRST DAY IN OFFICE, BUT THAT DIDN’T HAPPEN.

TRUMP TOLD REPORTERS MONDAY HE IS STILL CONSIDERING A 25 PERCENT TARIFF ON MEXICO AND CANADA, LIKELY TO GO INTO EFFECT FEBRUARY FIRST.

AS FOR CHINA, THE PRESIDENT SAID BEFORE TAKING OFFICE, TARIFFS ON CHINESE GOODS COULD BE 60 PERCENT OR MORE … INTENSIFYING AN ONGOING TRADE WAR.

ON HIS SECOND DAY IN OFFICE, TRUMP SAID THEY’RE LOOKING AT A 10% TARIFF ON CHINA FOR THE TIME BEING.

IN A MEMO, TRUMP DIRECTED SEVERAL AGENCIES TO STUDY THE EFFECTS OF VARIOUS TARIFFS AND TRADE AGREEMENTS.

HE TASKED THE U-S TRADE REPRESENTATIVE TO LOOK INTO WHETHER CHINA IS BREAKING AN EXISTING TRADE AGREEMENT WHICH COULD LEAD TO MORE TARIFFS. FOR SAN I’M SIMONE DEL ROSARIO – FOR UNBIASED NEWS COVERAGE OF BUSINESS, POLITICS AND MORE – DOWNLOAD THE STRAIGHT ARROW NEWS APP TODAY.