Has the falling US stock market led to a change in stance of Jamie Dimon, CEO of America’s largest Bank, JPMorgan Chase, on tariffs announced by the US President Donald Trump. It seems likely, though Dimon has not slammed Donald Trump‘s tariff policy, he did acknowledge that they are causing uncertainty for companies. Just two months ago, at the annual World Economic Forum (WEF) in Davos, Switzerland, Jamie Dimon brusquely defended President Donald Trump’s international tariff policy, telling critics to “Get over it.” Dimon went on to dismiss the concerns about tariffs and suggested that they could serve as either “an economic tool” or “an economic weapon,” depending on their application. In a CNBC interview at the time, he added, “If it’s a little inflationary, but it’s good for national security, so be it.”
Change in tone on Trump Tariffs
With stock markets declining and signs of strain emerging in the US economy, it now appears thatDimon may be rethinking his stance. In a recent interview with Semafor, Dimon said, “I don’t think the average American consumer who wakes up in the morning and goes to work… changes what they’re going to do because they read about tariffs.” He acknowledged, however, that “companies might,” noting that “uncertainty is not a good thing.” The US stock market has lost $4 trillion in value since its February peak this month.
The US stock market has been witnessing volatility since the past few weeks. While markets rallied on Wednesday, March 12, the S&P 500 remained down over 7% from a month ago. That same day, President Trump announced broad 25% tariffs on all steel and aluminum imports to the US, escalating a global trade war. Canada and the European Union quickly responded with retaliatory measures.
Trump has argued these tariffs will boost American manufacturing, curb illegal immigration, and stop fentanyl smuggling, though economists warn they could raise prices on goods ranging from groceries to housing.
Bet on Trump tariffs in the long run
Incidentally, Dimon wasn’t alone in expressing concern about trade tensions. According to the Semafor report, BlackRock CEO Larry Fink, who oversees the world’s largest asset manager, gave a mixed response to CNN on Trump Tariffs. “The collective impact in the short run is that people are pausing, they’re pulling back,” Fink said. “Talking to CEOs throughout the economy, I hear that the economy is weakening as we speak,” Find said.
Despite these short-term worries, Fink suggested that Trump’s policies, including tariffs, might benefit the US over time. “Right now the president is focusing on tariffs, but when he talks about reciprocal tariffs, actually, that may bring down tariffs over the long run,” Fink said, maintaining his long-term optimism about America’s economic prospects.