Jamie Dimon: Trump Tariffs Could Prevent Unfair Competition

The head of America’s biggest bank believes tariffs can be helpful when used properly.

In the right circumstances, they can help with issues like national security and unfair competition, JPMorganChase CEO Jamie Dimon said Sunday (Jan. 12), eight days before pro-tariff President-elect Donald Trump takes office.

“Like any tool, if it’s misused it can do damage too,” Dimon told CBS News, noting he hadn’t spoken with Trump on the matter.

The incoming president is “a negotiator, he lays out some very tough things and sometimes it works,” Dimon said. “We have to worry more about national security, resiliency, diversified supply chains, and we didn’t. And also we should’ve worried more about who it hurt.”

Trump has pledged to impose tariffs on imports from companies including China, Mexico and Canada, leading to worries that a disrupted supply chain will stunt economic growth and drive prices higher. Trump says tariffs can offset what he argues are unfair practices from foreign companies and governments.

A November report from the National Retail Federation (NRF) showed that Americans could lose between $46 billion and $78 billion in spending power every year from the tariffs.

“Retailers rely heavily on imported products and manufacturing components so that they can offer their customers a variety of products at affordable prices,” NRF Vice President of Supply Chain and Customs Policy Jonathan Gold said at the time.

“A tariff is a tax paid by the U.S. importer, not a foreign country or the exporter. This tax ultimately comes out of consumers’ pockets through higher prices.”

And last month saw a surge in purchasing of durable goods among consumers, possibly in anticipation of the pending tariffs.

Elsewhere in the interview, Dimon said Trump’s victory was not surprising, arguing that voters  “wanted more pro-growth and pro-business policies,” and “didn’t want to be lectured on social policies continuously.”

He also addressed the Department of Government Efficiency, overseen by billionaire Elon Musk and former Republican presidential candidate Vivek Ramaswamy. Dimon told CBS News he doesn’t know if that’s the right way to do it but he “absolutely” wants the incoming government agency to succeed.