JPMorgan Chase CEO: Tariffs an 'Economic Weapon' for National Security
JPMorgan Chase CEO Jamie Dimon has dismissed concerns about inflation caused by tariffs imposed by the Trump administration, stating that their potential benefits for national security outweigh economic considerations.
"If it's a little inflationary, but it's good for national security, so be it," Dimon said at the World Economic Forum in Davos, Switzerland. "I mean, get over it."
Dimon acknowledged ongoing concerns about other inflationary forces affecting the U.S. economy, including deficit spending and the potential for persistent inflation.
Despite these concerns, Dimon expressed optimism about the potential of "pro-growth strategies" to address economic imbalances. He also noted that asset prices in the stock market are "kind of inflated" and warned that unexpected events can dampen market sentiment.
Regarding the role of Elon Musk in the new administration, Dimon stated that they have resolved some past differences. He expressed support for Musk's efforts to improve government efficiency, acknowledging the need for accountability and outcome-based governance.
JPMorgan Chase recently reported record annual profits for 2024 and announced a leadership reshuffle. Dimon expects to step down as CEO in a few years and has identified David Hollerith as a potential successor.