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JPMorgan CEO Jamie Dimon has taken a balanced stance on Donald Trump’s economic policies, acknowledging that while the initial tariff strategy seemed too aggressive, the effort to address trade imbalances is justified and potentially beneficial. Dimon, a rare voice of both support and caution, advised Trump to focus on pro-growth policies, immigration reform, and measured progress on trade, warning against excessive economic sanctions.
JPMorgan CEO Jamie Dimon says Donald Trump may have come out of the blocks too fast when it came to tariffs, but says the Oval Office is right to try and fix problems it has identified in the American economy.
In Trump’s second term, Dimon has proved something of a critical friend: The Wall Street veteran has cautioned the White House when policy has created too much uncertainty, but has also offered a more balanced outlook on some of the benefits Oval Office policy could provide.
On tariffs, Dimon believes the President’s approach initially could have been better—but said overall Trump is justified in enacting what he believes is best for voters.
When asked about the “overall approach” when it comes to tariffs, Dimon told Fox in an interview released last night: “I thought it was too large, too big and too aggressive when it started.
“It was part of a master plan to get people to the table.”
But Dimon added that it’s important for voters to understand that “it’s OK to say if it’s unfair [and] we want to fix it.”
On the spectrum of opinion about Trump’s first 100 days in the White House, Dimon has shared a more balanced view than other voices.
For example, he has said tariffs are likely to prove only “modestly inflationary” and have the potential to do some “good stuff” for the economy.
But the man who was paid $39 million for his work in 2024 also warned policymakers against taking economic sanctions—and combative rhetoric with key trading partners—too far.
After President Trump said “friend and foe” would be treated alike under the tariff regime, Dimon wrote in his letter to shareholders earlier this year: “Economics is the longtime glue, and America First is fine, as long as it doesn’t end up being America alone.”
Dimon’s typically balanced approach also extended to his take on the recently announced U.K.-U.S. trade deal.
While the boss of America’s biggest bank welcomed the much-anticipated “first mover” in Sir Keir Starmer’s British government, he added that the agreement in principle doesn’t constitute a full-scale new deal.
“I am very happy it took place,” Dimon said. “The tariff stuff … was very big and very large and everybody all at once. I think it’s very important that they start to show progress in the deal, so any progress is good.
“These are deals in principle … a real trade deal would be 10 or 20,000 pages long. But any progress is good.”
He added he was glad to see the American government making progress with China, with tension on both sides seeming to ease, and positive rumblings out of countries such as Japan and Taiwan.
Dimon’s advice for Trump
The JPMorgan CEO was asked for any advice he might have for Trump, given that the president previously shared Dimon’s interview with Fox News.
He responded: “Keep doing what you’re doing now.”
“When you look at it, the border has been successful … after you eliminate the criminal element, I would try to work on real immigration reform. We need seasonal workers, we need a path to citizenship for some of the undocumented but law-abiding immigrants, we need DACA [Deferred Action for Childhood Arrivals].”
He also encouraged Trump to stick to his campaign rhetoric of being pro-growth, pro-deregulation and active on tax reform.
“Those things could be very good for the growth of the American economy. I would focus on that,” Dimon added. “There are a lot of other distractions that take place. This administration should focus on those goals. And the tariffs? Just make progress now, country by country, tariff by tariff.”
This story was originally featured on Fortune.com
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