Jamie Dimon: US Should not ‘Assume They Have a Divine Proper to Success’

JPMorgan’s CEO Jamie Dimon mentioned he hopes the US will not develop complacent amid the chaos surrounding President Donald Trump’s on-and-off once more tariff coverage.

Dimon was talking to the Monetary Occasions in an interview printed Tuesday. Dimon was requested if Trump’s push for reciprocal tariffs would harm the US’s credibility.

“The US continues to be essentially the most affluent nation the world has ever seen,” Dimon informed the FT, including that the US is “nonetheless a haven” due to its financial system and navy energy.

“However sure, numerous this uncertainty is difficult that a bit of bit. So you are going to be studying about this nonstop till hopefully these tariffs and commerce wars cool down and go away so folks can say, I can depend on America,” Dimon mentioned.

Dimon mentioned he was extra involved about what the tariffs might do to America’s relationships than its affect on the markets.

“I’m not frightened in regards to the markets as a lot as I’m about holding the Western world collectively, free and secure for democracy. And that, to me, means you need to strengthen the financial relationships,” Dimon informed the FT.

“If there’s unfairness, take care of it. However yeah, we ought to be cautious. I do not assume anybody ought to assume they’ve a divine proper to success, and due to this fact, don’t be concerned about it,” he added.

Trump introduced sweeping tariffs on over 180 international locations on April 2, or what he referred to as “Liberation Day.” A baseline charge of 10% was first imposed on April 5. A set of upper tariff charges that different by nation took impact on April 9 earlier than Trump introduced a 90-day pause on the identical day.

Trump’s announcement spooked traders and triggered an enormous market sell-off. It additionally drew criticism from enterprise leaders and economists, equivalent to former Treasury Secretary Larry Summers and hedge fund supervisor Invoice Ackman.

Earlier than asserting the 90-day pause on tariffs, Trump mentioned he had watched an interview Dimon gave to Fox Enterprise on April 9. Dimon mentioned within the interview that it’s “completely cheap for somebody to say that commerce was unfair” however added {that a} recession is now a “probably end result.”

To make certain, Dimon struck a extra optimistic tone when he was requested about Trump’s tariff coverage earlier this yr.

Dimon mentioned in a January interview with CNBC that tariffs are an “financial weapon” that would convey advantages relying on how they’re used.

“I might put in perspective, if it is a bit of inflationary, but it surely’s good for nationwide safety, so be it. I imply, recover from it,” Dimon informed CNBC.

Representatives for Dimon at JPMorgan didn’t reply to a request for remark from Enterprise Insider.