Jamie Dimon on Trump Tariffs: ‘Survive it’

JPMorgan Chase General director Jamie Dimon said Wednesday that tariffs are looming that the president Donald Trump A blow to US trading partners is expected to be viewed positively.

Despite fears that the tariffs could spark a global trade war and reignite inflation at home, the head of the largest US bank by assets said they could protect American interests and bring trading partners back to the table for better deals for the country if their use correctly.

“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 trumps slightly higher inflation.”

Since taking office, Trump has been gun-rattling on tariffs, threatening Monday introduce fees from Mexico and Canadathen expanding the scope Tuesday to China and the European Union. The president told reporters that the EU treats the US “very, very badly” because of its large annual trade surplus. USA last year the deficit was $214 billion from the EU until November 2024.

Among the considerations are a 10% tariff on China and 25% on Canada and Mexico, as the US looks forward to renegotiating the trilateral agreement that Trump forged during his first term. The US-Mexico-Canada agreement will be renegotiated in July 2026.

Dimon did not go into detail about Trump’s plans, but said it depends on how the duties are handled. Trump 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’re economic weapons, depending on how you use them, why you use them, things like that. Tariffs are inflationary, not 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 fell this week.

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

Dimon wasn’t the only big Wall Street CEO to talk about the tariffs in a positive light.

Goldman Sachs CEO David Solomon, also speaking to CNBC from Davos, said business leaders are bracing for policy shifts, including on trade.

“I think over time it turns into a rebalancing of some of the trade agreements. I believe that rebalancing can be constructive for US growth if handled correctly,” Solomon said. “It’s a question of how fast, how deliberate. Part of it is a negotiating tactic rather than just a trade.”

“If used properly, it can be constructive,” he added. “It’s going to unfold over the course of a year, and we’ll have to keep a close eye on it.”