JPMorgan Chase CEO Jamie Dimon on Thursday seemed less skeptical of President Donald Trump’s looming reciprocal tariffs on numerous trade partners than he was months ago when they were first announced.
The banking giant previously cautioned that a recession was the “likely outcome” of the major tariffs, because they were causing uncertainty in trade relations. Dimon’s warning supported predictions from the U.S. markets and some economists.
Dimon told CNBC that the tariffs were better and “more carefully done” than he had expected and claimed they could “entice” some companies to bring manufacturing back to the United States.
“We started tariffs. We didn’t know what they’re going to be. And now we kind of know. And they’re more moderate and thoughtful and, you know, more carefully done,” Dimon said. “And hopefully they’ll help some companies export. You know, maybe some people move manufacturing back here. So, you know, so far so good.”Â
Dimon also applauded Trump’s recent trade agreements that lowered some of the tariff rates to more affordable levels, such as the 15% tariffs on South Korea.
“You know, people can, I think, kind of deal with the 15% kind of number,” Dimon said. “In a lot of cases, you know, these are agreements in principle, the 15% relates to half of the imports, not 100%.”
The comments occurred the same day Trump revealed the latest tariff rates on over 70 countries, which included 35% tariffs on Canadian goods and 10% for the United Kingdom. The latest tariffs are expected to go into effect on Aug. 7.
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.
