- JPMorgan CEO Jamie Dimon has taken a balanced stance on Donald Trump’s financial insurance policies, acknowledging that whereas the preliminary tariff technique appeared too aggressive, the hassle to handle commerce imbalances is justified and doubtlessly helpful. Dimon, a uncommon voice of each assist and warning, suggested Trump to concentrate on pro-growth insurance policies, immigration reform, and measured progress on commerce, warning towards extreme financial sanctions.
JPMorgan CEO Jamie Dimon says Donald Trump could have come out of the blocks too quick when it got here to tariffs, however says the Oval Workplace is correct to try to repair issues it has recognized within the American financial system.
In Trump’s second time period, Dimon has proved one thing of a crucial buddy: The Wall Avenue veteran has cautioned the White Home when coverage has created an excessive amount of uncertainty, however has additionally provided a extra balanced outlook on a number of the advantages Oval Workplace coverage may present.
On tariffs, Dimon believes the President’s strategy initially may have been higher—however mentioned total Trump is justified in enacting what he believes is finest for voters.
When requested in regards to the “overall approach” in the case of tariffs, Dimon instructed Fox in an interview launched final night time: “I believed it was too giant, too large and too aggressive when it began.
“It was part of a master plan to get people to the table.”
However Dimon added that it is necessary for voters to grasp that “it’s OK to say if it’s unfair [and] we want to fix it.”
On the spectrum of opinion about Trump’s first 100 days within the White Home, Dimon has shared a extra balanced view than different voices.
For instance, he has mentioned tariffs are likely to show solely “modestly inflationary” and have the potential to do some “good stuff” for the financial system.
However the man who was paid $39 million for his work in 2024 additionally warned policymakers towards taking financial sanctions—and combative rhetoric with key buying and selling companions—too far.
After President Trump mentioned “friend and foe” could be handled alike underneath the tariff regime, Dimon wrote in his letter to shareholders earlier this yr: “Economics is the longtime glue, and America First is fine, as long as it doesn’t end up being America alone.”
Dimon’s usually balanced strategy additionally prolonged to his tackle the lately introduced U.Okay.-U.S. commerce deal.
Whereas the boss of America’s largest financial institution welcomed the much-anticipated “first mover” in Sir Keir Starmer’s British authorities, he added that the settlement in precept would not represent a full-scale new deal.
“I am very happy it took place,” Dimon mentioned. “The tariff stuff … was very large and really giant and all people unexpectedly. I believe it is crucial that they begin to present progress within the deal, so any progress is nice.
“These are deals in principle … a real trade deal would be 10 or 20,000 pages long. But any progress is good.”
He added he was glad to see the American authorities making progress with China, with pressure on each side seeming to ease, and optimistic rumblings out of nations akin to Japan and Taiwan.
Dimon’s recommendation for Trump
The JPMorgan CEO was requested for any recommendation he may need for Trump, given that the president beforehand shared Dimon’s interview with Fox Information.
He responded: “Keep doing what you’re doing now.”
“When you look at it, the border has been successful … after you eliminate the criminal element, I would try to work on real immigration reform. We need seasonal workers, we need a path to citizenship for some of the undocumented but law-abiding immigrants, we need DACA [Deferred Action for Childhood Arrivals].”
He additionally inspired Trump to stay to his marketing campaign rhetoric of being pro-growth, pro-deregulation and energetic on tax reform.
“Those things could be very good for the growth of the American economy. I would focus on that,” Dimon added. “There are a lot of other distractions that take place. This administration should focus on those goals. And the tariffs? Just make progress now, country by country, tariff by tariff.”
This story was initially featured on Fortune.com
