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Jamie Dimon on Trump tariffs: ‘Get over it’


Jamie Dimon on tariffs: If they're a little inflationary but good for national security, so be it

JPMorgan Chase executive director Jaime Dimon said Wednesday that the impending tariffs that the President donald trump that is expected to affect the United States’ trading partners could be considered positive.

Despite fears that tariffs could spark a global trade war and reignite inflation domestically, the head of the largest U.S. bank by assets said that, if used correctly, they could protect U.S. interests and make trading partners come back to the table to achieve better agreements for the country.

“If it’s a little inflationary, but it’s 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 outweighs inflation a little more.”

Since taking office, Trump has been making noise about tariffs and threatening Monday. impose taxes on Mexico and Canadathen expanding the scope on Tuesday to China and the European Union. The president told reporters that the EU is treating the United States “very, very badly” because of its large annual trade surplus. United States last year had a deficit of 214 billion dollars with the EU until November 2024.

Among the considerations are a 10% tariff on China and 25% on Canada and Mexico, as the United States awaits a review of the tripartite agreement Trump negotiated during his first term. The Agreement between the United States, Mexico and Canada will be reviewed in July 2026.

Dimon did not go into details of Trump’s plans, but said it depends on how the tariffs are implemented. Trump has indicated that the tariffs could take effect on February 1.

“I look at tariffs: They’re an economic tool. That’s all,” Dimon said. “They are an economic weapon, depending on how it is used, why it is used, things like that. Tariffs are inflationary and non-inflationary.”

Trump imposed sweeping tariffs during his first term, during which inflation was below 2.5% each year. Despite the looming tariff threat, the US dollar has fallen this week.

“Tariffs may change the dollar, but the most important thing is growth,” Dimon said.

Dimon wasn’t the only big Wall Street CEO to speak positively about the tariffs.

Goldman Sachs CEO David Solomon, also speaking to CNBC from Davos, said business leaders have been preparing for policy changes, including on trade issues.

“I think over time it becomes a rebalancing of certain trade agreements. I think rebalancing can be constructive for U.S. growth if handled correctly,” Solomon said. “The question is how quickly and how carefully. Part of this is negotiation tactics for things beyond just trade.”

“If used properly, it can be constructive,” he added. “This will develop throughout the year and we have to watch it closely.”



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