JP Morgan Chase CEO Jamie Dimon said he was less skeptical of tariffs in a Thursday interview after months of criticism of the Trump administration’s efforts to rewire global trade policy.
“We started tariffs. We didn’t know what they’re going to be. And now we kind of know. And they’re more moderate and thoughtful and, you know, more carefully done,” Dimon said during an interview with CNBC’s Leslie Picker.
“And hopefully they’ll help some companies export. You know, maybe some people move manufacturing back here. So, you know, so far so good,” he added.
The CEO previously predicted that a recession would come under such heavy shifts ordered by U.S. trade negotiators. President Trump’s threats to impose higher tariffs if international deals weren’t restructured to favor the U.S. has resulted in deals with Japan, the United Kingdom and the European Union.
“They may drive slightly higher inflation, but what you really want is more growth,” Dimon said.
“You know, that is far more important than whether inflation ticks up or down a little bit. So, and then tariffs themselves, you know, they’ve been greatly moderated,” he added.
Dimon applauded Trump’s trade efforts, which have resulted in a 15 percent baseline tax in most trade agreements.
“You know, people can, I think, kind of deal with the 15 percent kind of number. In a lot of cases, you know, these are agreements in principle, the 15 percent relates to half of the imports, not 100 percent,” Dimon said.
“And I think our imports are around $4 trillion, goods imports. So if it’s on average 7 or 8 percent, you’re talking $300 billion a year, you know, on a $30 trillion economy. So that might have some effect. And it’s also quite clear, some is being passed on and some is not. And we just don’t know yet,” he added.
The JPMorgan Chase chief said companies could be enticed to manufacture in the U.S., among other business ventures.
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