JP Morgan Chase boss Jamie Dimon has appeared to change his position over President Trump’s controversial tariff plans.
The CEO, who eanred a a salary of $39 million in 2024, 7 initially dismissed concerns over tariffs, telling people to “get over it.”
However, as stock market volatility rises and economic uncertainty grows, his position appears to have softened.
In a recent interview with Semafor, Dimon acknowledged while tariffs may not impact the daily life of the average American, they do create challenges for businesses.
Dimon said:
“I don’t think the average American consumer who wakes up in the morning and goes to work… changes what they’re going to do because they read about tariffs.
“But I do think companies might.
“Uncertainty is not a good thing.”
Trump’s Tariff Policy and Market Impact
Dimon had previously defended tariffs at the World Economic Forum in Davos, Switzerland, calling them an “economic tool” that could also be an “economic weapon.”
At the time, he suggested inflation caused by tariffs might be a reasonable trade-off if they benefited national security.
He told CNBC:
“I would put in perspective: If it’s a little inflationary, but it’s good for national security, so be it.”
However, since then, Trump’s shifting tariff policies have led to significant market swings.
While markets rebounded on Wednesday, the S&P 500 remained down more than 7% over the past month.
The latest escalation came when Trump imposed sweeping 25% tariffs on all steel and aluminum imports into the US. Canada and the European Union responded with retaliatory measures.
The administration argues the tariffs will help revitalize US manufacturing, curb illegal immigration, and prevent fentanyl smuggling.
However, economists warn they could increase costs on essentials such as food and housing.
Other Business Leaders Raise Concerns
Dimon isn’t the only high-profile CEO expressing concerns about tariffs. BlackRock CEO Larry Fink also weighed in, warning that trade tensions were weakening the economy.
He said:
“The collective impact in the short run is that people are pausing, they’re pulling back.
“Talking to CEOs throughout the economy, I hear that the economy is weakening as we speak.”
Still, Fink suggested that some aspects of Trump’s strategy might benefit the US in the long run.
He added:
“Right now the president is focusing on tariffs, but when he talks about reciprocal tariffs, actually, that may bring down tariffs over the long run.”
Uncertainty Remains the Biggest Concern
While the debate continues, business leaders seem to agree on one thing: uncertainty is bad for growth.
Dimon’s shift in tone suggests that even those who once defended tariffs are becoming wary of their unpredictable effects.
As global trade tensions persist, investors and companies will be watching closely to see whether the White House’s aggressive strategy delivers its intended benefits—or leads to further economic strain.
