JPMorgan Chase CEO Jamie Dimon has acknowledged that President Trump's tariff policies are causing uncertainty for businesses. This is “not a good thing.”
“The average American consumer who wakes up in the morning to work doesn't think they're changing what they're trying to do because they've read about tariffs,” Dimon said. Interview with Semafor on wednesday.
“But I think companies might do,” he added. “Uncertainty is not a good thing.”
Earlier this year, Dimon expressed support for Trump's tariff plans in Canada, Mexico and China, suggesting it would be beneficial for US national security purposes.
“It's a bit of inflation, but if it's good for national security, then that's true. He said at the time, but he argues that tariffs can become “economic weapons” depending on how they are used.
Trump introduced 25% tariffs in Mexico and Canada shortly after taking office. He then agreed with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau to suspend a month before it officially took effect in early March.
The president then exempts car parts from fees for another month after concerns were raised from the rise in the automakers and trade war.
He fought the inconsistency after repeated threats to tariffs, but later made changes and called it “flexibility” and the ability to “adjust” it.
Even as the stock market shows widespread concerns about whipping tariffs, Trump has doubled his tariff threat and touted it as a negotiation tool.
Canada placed electricity bills in the US in response to Trump, but later retreated after speaking to officials about wider trade.
