JPMorgan CEO Jamie Dimon has suggested that increased tariffs on foreign goods could help secure national security while potentially offsetting inflation concerns tied to President Donald Trump’s trade policy. Speaking at the World Economic Forum in Davos, Dimon called tariffs an “economic tool or weapon” and emphasized that any small increase in inflation might be justified if it serves national security interests.
Before Trump took office, he publicly advocated for a 25% tariff on Canadian and Mexican imports, though he has yet to formally sign such an executive order. Meanwhile, Trump has reportedly considered imposing tariffs on Chinese goods due to concerns about fentanyl production, with estimates suggesting a 10% tariff could be in the works.
Economic experts warn that timing tariffs during inflationary periods may not be optimal, as rising prices persist despite post-pandemic price shocks. RSM US’ Joe Brusuelas noted that tariffs are particularly ill-timed given the lingering effects of inflation.
As debates over tariffs intensify, JPMorgan did not immediately respond to a request for comment. The discussion highlights broader concerns about trade policy and its impact on global markets.
Source: https://fortune.com/2025/01/23/jpmorgan-jamie-dimon-donald-trump-tariffs-davos-mexico-canada