
The global business community is on edge as President Donald Trump rolls out his tariff-focused economic plan, with fears of rising prices taking center stage. But Jamie Dimon, the head of JPMorgan Chase, has a different take: maybe everyone needs to chill out a bit.
Speaking from the World Economic Forum in Davos, Switzerland, Dimon shared his thoughts in a CNBC interview. He described tariffs as either “an economic tool” or “an economic weapon,” depending on how they’re used. While acknowledging that tariffs could lead to some inflation, he argued that if they benefit national security, it’s a trade-off worth making. “Get over it,” he quipped.
Trump’s current strategy includes threats of a 10% tariff on Chinese goods and 25% tariffs on imports from Mexico and Canada, set to kick in February 1. But Dimon sees these moves as a way to push countries to the negotiating table for better trade deals. He believes the administration is using tariffs strategically, possibly to secure more favorable terms rather than to impose high rates outright. “We’re going to find out,” he added.
Economists, including some from JPMorgan Chase, warn that tariffs combined with Trump’s mass deportation plans could drive inflation higher in the U.S. However, opinions vary on whether tariffs will cause a one-time price hike or lead to sustained inflation as consumers adjust to new pricing norms.
As the situation evolves, all eyes remain on how these policies will play out. For now, Dimon’s message is clear: there’s too much worrying and not enough trust in the plan.