JPMorgan Chase CEO Jamie Dimon criticized President Donald Trump’s early tariff strategy as “too large, too big and too aggressive” — even as he acknowledged the broader goal of addressing trade imbalances had merit.
Dimon said the initial rollout was overly harsh but part of a calculated push to bring trading partners to the negotiating table.
Trump’s approach was initially flawed in execution, but not in intent, the senior Wall Street banker told Fox 11 Los Angeles.
“It was part of a master plan to get people to the table,” he said. “It’s OK to say if it’s unfair [and] we want to fix it.”
Dimon, one of the few high-profile Wall Street executives to offer nuanced commentary on Trump’s economic playbook, has positioned himself as a critical friend.
While he has repeatedly voiced concerns about policy uncertainty and the danger of alienating key trade allies, he has also credited the administration with drawing attention to long-standing problems in the global trading system.
“Tariffs are likely to prove only modestly inflationary,” Dimon said, adding that they have “the potential to do some good stuff for the economy.”
In his 2024 shareholder letter, Dimon pushed back on the administration’s declaration that “friend and foe” would be treated alike under the tariff regime.
“Economics is the longtime glue,” he wrote. “‘America First’ is fine, as long as it doesn’t end up being America alone.”
The head of the nation’s largest bank, who earned $39 million last year, also weighed in on the recently announced UK-US trade agreement, applauding the deal in principle but cautioning that it was just a first step.
“These are deals in principle,” Dimon said. “A real trade deal would be 10 or 20,000 pages long. But any progress is good.”
He expressed optimism that the agreement marked a thaw in international tensions.
“I am very happy it took place,” he said. “The tariff stuff… was very big and very large and everybody all at once. I think it’s very important that they start to show progress in the deal.”
Dimon also noted encouraging signs of improved US relations with China, and said diplomatic “positive rumblings” were emerging from Japan and Taiwan.
Asked if he had any advice for Trump, who previously shared Dimon’s interviews on social media, the CEO replied: “Keep doing what you’re doing now.”
Dimon emphasized that any serious second-term agenda should prioritize pro-growth reforms that include revamping immigration policies.
“When you look at it, the border has been successful… after you eliminate the criminal element, I would try to work on real immigration reform,” he said.
“We need seasonal workers, we need a path to citizenship for some of the undocumented but law-abiding immigrants, we need DACA.”
He urged the administration to stick with its economic agenda and not get distracted.
“Be pro-growth, pro-deregulation, and active on tax reform,” Dimon said.
“Those things could be very good for the growth of the American economy. And the tariffs? Just make progress now, country by country, tariff by tariff.”
The Post has sought comment from the White House.
