“If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it. National security trumps a little bit more inflation. I look at tariffs, they’re an economic tool, That’s it… They’re an economic weapon, depending on how you use it, why you use it, stuff like that. Tariffs are inflationary and not inflationary” – JP Morgan Chase CEO Jamie Dimon on January 22, 2025 in an interview with CNBC’s Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland.

“Whatever you think of the legitimate reasons for the tariffs – and, of course, there are some – or the long-term effect, good or bad, there are likely to be important short-term effects. We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products… The quicker this issue is resolved, the better because some of the negative effects increase cumulatively over time and would be hard to reverse… In the short run, I see this as one large additional straw on the camel’s back… The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility. Markets still seem to be pricing assets with the assumption that we will continue to have a fairly soft landing… I am not so sure” – JP Morgan Chase CEO Jamie Dimon on April 7, 2025 in a letter to shareholders via CNBC.