JPMorgan Chase & Co. Chief Executive Jamie Dimon said Wednesday that the impending tariffs that President Donald Trump plans to impose on U.S. trading partners can be seen as a positive.
Despite concerns that the tariffs could spark a global trade war and reignite inflation at home, the head of the largest U.S. bank by assets said the tariffs, if leveraged correctly, could help the U.S. It said it could protect its interests and bring trading partners back to the table for better deals.
“Even if it’s a little bit of inflation, it’s good for national security, so that’s fine. So get over it,” Dimon told CNBC’s Andrew Ross Sorkin in an interview at the World Economic Forum in Davos. ” he said. “National security trumps inflation a little bit more.”
Since taking office on Monday, President Trump has made bold statements on tariffs, threatening to impose penalties on Mexico and Canada on Monday and expanding them to China and the European Union on Tuesday. The president told reporters that the EU was treating the US “very badly” because of the US’s large annual trade surplus. Last year, the United States posted a deficit of $214 billion with the EU by November 2024.
10% tariffs on China and 25% tariffs on Canada and Mexico are also on the table, as the United States looks forward to a review of the three-party agreement negotiated during President Trump’s first term. The U.S.-Mexico-Canada Trade Agreement is scheduled for review in July 2026.
Dimon did not go into specifics of Trump’s plan, but said it would depend on how he fulfills his obligations. President Trump has indicated that tariffs could go into effect on February 1st.
“If you think about tariffs, it’s an economic tool, that’s all,” Dimon said. “Depending on how you use it and why you use it and things like that, tariffs are an economic weapon. Tariffs are inflationary, but they are not inflationary.”
President Trump imposed widespread tariffs during his first term, during which time inflation remained below 2.5% annually. The US dollar has fallen this week despite the looming threat of tariffs.
“Tariffs can change the dollar, but what matters most is growth,” Dimon said.
Dimon wasn’t the only major Wall Street CEO to speak positively about tariffs.
Goldman Sachs CEO David Solomon also spoke to CNBC from Davos and said business leaders are preparing for policy changes, including on trade issues.
“I think this is going to be a rebalancing of certain trade agreements over time, and I think rebalancing can be constructive for U.S. growth if handled correctly,” Solomon said. “The question is how quickly and how thoughtfully. This includes not just trade but also negotiation tactics to resolve things.”
“It can be constructive if used properly,” he added. “This situation will unfold over the course of the year and we will have to watch it closely.”
