JPMorgan’s CEO Jamie Dimon said he hopes the US won’t grow complacent amid the chaos surrounding President Donald Trump’s on-and-off again tariff policy.
Dimon was speaking to the Financial Times in an interview published Tuesday. Dimon was asked if Trump’s push for reciprocal tariffs would hurt the US’s credibility.
“The US is still the most prosperous nation the world has ever seen,” Dimon told the FT, adding that the US is “still a haven” because of its economy and military strength.
“But yes, a lot of this uncertainty is challenging that a little bit. So you’re going to be reading about this nonstop until hopefully these tariffs and trade wars settle down and go away so people can say, I can rely on America,” Dimon said.
Dimon said he was more concerned about what the tariffs could do to America’s relationships than its impact on the markets.
“I am not worried about the markets as much as I am about keeping the Western world together, free and safe for democracy. And that, to me, means you want to strengthen the economic relationships,” Dimon told the FT.
“If there’s unfairness, deal with it. But yeah, we should be careful. I don’t think anyone should assume they have a divine right to success, and therefore, don’t worry about it,” he added.
Trump announced sweeping tariffs on over 180 countries on April 2, or what he called “Liberation Day.” A baseline rate of 10% was first imposed on April 5. A set of higher tariff rates that varied by country took effect on April 9 before Trump announced a 90-day pause on the same day.
Trump’s announcement spooked investors and triggered a massive market sell-off. It also drew criticism from business leaders and economists, such as former Treasury Secretary Larry Summers and hedge fund manager Bill Ackman.
Before announcing the 90-day pause on tariffs, Trump said he had watched an interview Dimon gave to Fox Business on April 9. Dimon said in the interview that it is “perfectly reasonable for someone to say that trade was unfair” but added that a recession is now a “likely outcome.”
To be sure, Dimon struck a more optimistic tone when he was asked about Trump’s tariff policy earlier this year.
Dimon said in a January interview with CNBC that tariffs are an “economic weapon” that could bring benefits depending on how they are used.
“I would put in perspective, if it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC.
Representatives for Dimon at JPMorgan did not respond to a request for comment from Business Insider.
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