JPMorgan Chase CEO Jamie Dimon Defends Tariffs as Tool to Protect American Interests
JPMorgan Chase CEO Jamie Dimon said on Wednesday that the looming tariffs imposed by President Donald Trump could be viewed positively, despite fears of a global trade war and inflation. According to Dimon, the tariffs could protect American interests and bring trading partners back to the table for better deals for the country, if used correctly.
Dimon told CNBC’s Andrew Ross Sorkin during an interview at the World Economic Forum in Davos, Switzerland, that if the tariffs are a little inflationary, but good for national security, then “get over it.” He emphasized that national security trumps a little bit more inflation.
The US is expected to impose tariffs on its trading partners, including China, Canada, and Mexico, with the EU also being a potential target. The tariffs are seen as a way to protect American industries and bring trading partners back to the negotiating table.
Dimon noted that tariffs are an economic tool and can be used as an economic weapon, depending on how they are implemented. He added that tariffs can be both inflationary and not inflationary, and that the most important thing is growth.
Goldman Sachs CEO David Solomon also spoke positively about tariffs, saying that business leaders have been preparing for shifts in policy, including on trade issues. Solomon believes that the tariffs can be constructive for US growth if handled correctly, and that the rebalancing of trade agreements can be a positive development.
The CEOs’ comments come as President Trump has been saber-rattling on tariffs, threatening to impose levies on Mexico and Canada, and expanding the scope to China and the EU. The tariffs are expected to take effect on February 1, and the US-Mexico-Canada Agreement is up for review in July 2026.