JPMorgan Chase CEO Jamie Dimon was pictured in Washington, DC on March 12, 2025. Two months ago, Dimon defended President Donald Trump’s tariff policy with a succinct message: “Get over it.” However, as stock markets dip and signs of strain emerge in the US economy, Dimon may not have moved on as easily.
In an interview with Semafor on Wednesday, Dimon expressed his views on how tariffs impact consumers and companies differently. He acknowledged that while individual consumers may not immediately change their behavior in response to tariff news, businesses might be affected due to the uncertainty it creates.
Dimon’s recent remarks on tariffs mark a contrast to his previous statement at the World Economic Forum in Davos, Switzerland, where he had nonchalantly remarked to “get over it” regarding tariffs. He emphasized the dual nature of tariffs as either an “economic tool” or an “economic weapon” depending on their application for national security.
The fluctuating tariff policy of the Trump administration has led to volatility in the stock market, with the S&P 500 still down more than 7% in the past month. Trump’s recent decision to impose significant tariffs on steel and aluminum imports has escalated tensions in the global trade arena, with retaliatory measures swiftly taken by Canada and the European Union.
Dimon was not alone in expressing concerns about the ramifications of a trade war. Larry Fink, CEO of BlackRock, also voiced worries about the weakening economy due to tariffs. He noted that businesses were pausing and retracting investments with the current trade environment.
Despite the short-term challenges posed by tariffs, Fink remained optimistic about the long-term benefits of the Trump administration’s policies. He suggested that the focus on reciprocal tariffs might lead to reduced tariffs over time, ultimately benefiting the United States.
Many voices, including those of Dimon and Fink, have highlighted the complexities and potential long-term impacts of the ongoing trade disputes on the economy.
