Jamie Dimon on Trump tariffs: ‘Get over it’

JPMorgan Chase CEO Jamie Dimon said on Wednesday that President Donald Trump’s expected tariffs on US trading partners could be viewed positively.

While there are fears that the duties could trigger a global trade war and rekindle domestic inflation, the head of America’s largest bank said that if used properly, the resources could protect America’s interests and bring better deals to the country’s trading partners.

“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC’s Andrew Ross Sorkin in an interview at the World Economic Forum in Davos, Switzerland. “A little more inflation of national security.”

Trump has been hungry for excuses on tariffs since taking office, threatening to impose tariffs on Mexico and Canada, and on Monday expanded to include China and the European Union. The president told reporters that the EU is treating the US “very, very badly” because of its huge annual trade surplus. America last year It faced a deficit of 214 billion dollars with the European Union until November 2024.

Among the considerations are 10 percent tariffs on China and 25 percent tariffs on China as the U.S. looks forward to seeing the trilateral deal negotiated by Trump during his first term. The US-Mexico-Canada agreement is up for review in July 2026.

Dimon didn’t go into specifics of Trump’s plan, but said it depends on how the actions are implemented. Trump has indicated that the tariffs may take effect on February 1.

“I look at tariffs, they’re an economic tool, that’s all,” Dimon said. “They’re an economic tool depending on the use, why they’re using it, things like that. Tariffs are inflationary, not price inflation.”

Trump enacted sweeping tariffs during his first term, during which inflation was below 2.5 percent annually. Despite the looming threat of tariffs, the US dollar is lower 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 speak positively about the tariffs.

Goldman Sachs CEO David Solomon told CNBC from Davos that business leaders have been preparing for a shift in policy, including on trade.

“I think over time some of the trade agreements will shift toward balancing. I think balancing can be constructive for American growth if handled properly,” Solomon said. “The question is how quickly, how thoughtfully. Some of these are negotiating strategies for things that go beyond simply trading.”

“When used properly, it can be constructive,” he added. “This will be revealed during the year, and we will have to watch it closely.”