Former Reagan economist Art Laffer weighs in on Trump’s controversial economic plan to impose 25% tariffs on Mexico and Canada effective Feb. 1.
JPMorgan Chase CEO jamie dimon Said in a new interview that a small increase in inflation due to the Trump administration’s tariff plans would be worthwhile in the service of national security concerns.
the demon appeared CNBC’s “Squawk Box” And said that tariffs are an economic tool that can be used for many reasons, and although they may cause inflation, it would be acceptable if it helps the US meet national security goals.
Dimon said, “I look at tariffs, they’re an economic tool, that’s all. They’re an economic weapon, it just depends on how you use it and why and things like that. Are.”
“People are debating, is it inflationary, is it not inflationary? I’ll keep it in perspective — if it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it. Get a little more national security, a little more inflation,” he said.
Jamie Dimon is confident in Trump’s victory, his administration should focus on policies
JPMorgan Chase CEO Jamie Dimon said inflation would be acceptable because of the tariffs that promote national security. (Aaron Schwartz/Xinhua/via Getty Images)
Dimon further said that the way the Trump administration can use tariff A more important question is whether pursuing more favorable trade terms or addressing national security issues will lead to inflation.
“But I think, really, the question is how they are used. Can they be used to bring people to the table? Yes. Is there any unfair trade? Yes. Are there some state ownership Is the subsidy? Yes. Is the president going to use it that way? Yes, and we’ll see how it plays out,” Dimon said.
| anchor | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMorgan Chase & Co. | 263.03 | +3.87 |
+1.49% |
JPMorgan is setting up a ‘war room’ to adjust to Trump’s policy changes
President Donald Trump campaigned on sweeping tariff plans. (Bill Pugliano/Getty Images)
chairman donald trump Campaigned to impose overall tariffs of 10% to 20% on all imported goods, as well as tariffs as high as 60% on goods imported from China.
Although he did not enact those tariffs during his first two days in office, Trump told reporters at the White House on Tuesday that he plans to start. 10% tariff on china Which will be effective in the beginning of February.
“We’re talking about a 10% tariff on China, based on the fact that they’re shipping fentanyl to Mexico and Canada,” Trump said. “Probably February 1 is the date we’re looking at.”
Trump’s tariffs on Mexico, Canada: Companies that have raised concerns
President Donald Trump said he plans to start with 10% tariffs on China. (Kenny Holston/The New York Times/AFP/via Getty Images)
Trump also signed an executive order called “America First Trade Policy” after taking office on Monday, directing the Commerce and Treasury departments to examine the causes of the annual trade deficit and their risks, and to impose tariffs to address the trade deficit. Instructions were given to make recommendations regarding such works.
The order also directed those agencies, along with the Department of Homeland Security (DHS), to design and implement Trump’s “External Revenue Service (ERS)” to collect tariffs, duties, and other foreign trade-related revenues.
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Trump intends for the ERS to collect tariff revenue from foreign sources, but economic experts have pushed back on that goal, noting that U.S.-based importers pay tariffs When their imported goods enter the country. Those tariffs are currently collected by U.S. Customs and Border Protection, a sub-agency of DHS.
Fox News Digital’s Greg Norman contributed to this report.
