Former President Reagan economist Art Laffer is weighing in on President Trump's controversial economic plan to impose 25% tariffs on Mexico and Canada starting February 1st.
JPMorgan Chase & Co. CEO Jamie Dimon said in a new interview that any slight increase in inflation caused by the Trump administration's tariff plans is worth meeting national security concerns. .
Daimon appears CNBC's “Squawk Box” He also said that tariffs are an economic tool that can be used for a variety of reasons, and that while they can cause inflation, they are acceptable if they help achieve U.S. national security goals.
“I think about tariffs, and tariffs are an economic tool, that's all. Depending on how you use it and why you use it, it's an economic weapon,” Dimon said.
“People argue, is it inflation? Is it not inflation? I want to put that in perspective. Even if it's a little bit of inflation, that's fine because it's good for national security. “I mean, get over it.'' National security will prevail a little bit more,'' he said.
Jamie Dimon emphasizes Trump's victory, policies managers should focus on
JPMorgan Chase & Co. CEO Jamie Dimon said inflation caused by tariffs that strengthen national security is acceptable. (Aaron Schwartz/Via Xinhua/Getty Images)
Dimon added that how the Trump administration uses tariffs to pursue more favorable trade terms or address national security issues is a more important question than whether they cause inflation. said.
“But I think the real question is how are they used? Can they be used to bring people to the table? Yes. Is there an unfair trade? ? Yes. Is there a state subsidy? “Is the president going to use it that way, and how is it going to be played out?'' I understand. '' Dimon said.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| J.P.M. | JPMorgan Chase & Co. | 263.03 | +3.87 |
+1.49% |
JP Morgan establishes 'war room' to respond to President Trump's policy changes
President Trump campaigned on a sweeping tariff plan. (Bill Priano/Getty Images)
president donald trump It advocated imposing a flat tariff of 10% to 20% on all imported goods and imposing additional tariffs of up to 60% on goods imported from China.
President Trump did not impose such tariffs during his first two days in office, but told reporters at the White House on Tuesday that he plans to start with 10% tariffs on China that go into effect in early February.
“We're talking about imposing a 10% tariff on China based on the fact that China is sending fentanyl to Mexico and Canada,” Trump said. “February 1st is probably the date we're looking at.”
President Trump's tariffs on Mexico and Canada: Companies are growing cautious
President Trump said he would start with 10% tariffs on China. (Kenny Holston/The New York Times/via AFP/Getty Images)
After taking office on Monday, President Trump will direct the Commerce and Treasury Departments to study the causes of the annual trade deficit and the risks it poses, and recommend tariffs and other measures to correct the trade deficit. He also signed an executive order entitled “First Trade Policy.”
The order also directs these agencies, along with the Department of Homeland Security (DHS), to design and implement President Trump's External Revenue Service (ERS), which collects customs duties, tariffs, and other foreign trade-related revenues. I was instructed to do so.
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President Trump intends for the ERS to collect tariff revenue from foreign countries, but economic experts have opposed that goal, pointing out that U.S.-based importers pay duties when their goods enter the country. are. These duties are currently collected by U.S. Customs and Border Protection, a subsidiary of DHS.
Fox News Digital's Greg Norman contributed to this report.
