Dimon defends Trump tariffs

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‘Get over it’: Dimon defends Trump on tariffs

JPMorgan Chase CEO Jamie Dimon defended President Trump’s tariff push Wednesday, saying “national security trumps a little bit more inflation.”

“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it,” Dimon told CNBC during an interview at the World Economic Forum.

Dimon also said he looks at tariffs as an “economic tool,” as Trump presses tariffs on Canada, Mexico and China among other nations. However, some economists claim tariffs would increase prices for American consumers and harm the country’s economy.

Goldman Sachs CEO David Solomon told CNBC at the forum in Davos, Switzerland, that he has some faith in Trump’s negotiation tactics but remained leery of the timeline.

“I think that rebalancing can be constructive for U.S. growth if it’s handled right. The question is, how quickly, how thoughtfully,” Solomon said, adding, “Used appropriately, it can be constructive.”

“This is going to unfold over the course of the year, and we have to watch it closely,” he added.

The Hill’s Ashleigh Fields has more here.

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Essential Reads

Key business and economic news with implications this week and beyond:

Dimon says he and Musk have ‘hugged it out’

JPMorgan Chase CEO Jamie Dimon said Wednesday that he and Tesla CEO Elon Musk have “hugged it out” and resolved their differences, after Dimon’s bank sued the tech billionaire’s electric vehicle firm in 2021.

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Tax Watch

Welcome to Tax Watch, a new feature in The Hill's Business & Economy newsletter focused on the fight over tax reform and the push to extend the 2017 Trump tax cuts this year.

How Trump's tariffs threats could impact tax debate

President Trump's trade policy and foreign maneuvering may seem totally distinct from the push to extend his 2017 tax law. But any new tariff proposal or change in tax policy could have trickle-down effects, if you will, on the broader tax battle.

One area to watch is whether House Republicans face pressure from the White House to include certain tariffs or taxes in an eventual reconciliation package.

Trump has already raised tariff threats against Canada, Mexico and China, and on Wednesday threatened to impose tariffs and sanctions on Russia if there is no deal to stop the fighting in Ukraine “soon.”

He warned if there was not a ceasefire deal soon, he would “have no other choice” but to impose tariffs, taxes and sanctions on “anything being sold by Russia to the United States, and various other participating countries.”

If Trump goes it alone on tariffs, that could also affect the overall state of the economy and fiscal status of the U.S., which influences the timeline and makeup of any big legislative package.

— Sylvan Lane

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