JPMorgan Chase CEO Jamie Dimon takes a U-turn on Trump tariffs - 'Uncertainty is not good'

In a summit on retirement hosted by Bipartisan Policy Center and BlackRock, JP Morgan Chase CEO Jamie spoke with Semafor’s Gina Chon and said that the companies are noting the tariff changes.

With new chapter of trade war triggering intense sell-off across the global markets, corporate world is taking a note of the hawkish business policy adopted by US President Donald Trump in his second stint in the Oval Office. One of the prominent names is JP Morgan Chase CEO Jamie Dimon.

Just 60 days back, Dimon was optimistic about the tariff plans announced by Trump. While defending the actions by the US President, Dimon had curtly remarked - ‘get over it’. But two months later, as the stock markets remain in red, there is a shift in stance.

In a summit on retirement hosted by Bipartisan Policy Center and BlackRock, Dimon spoke with Semafor’s Gina Chon and said that the companies are noting the tariff changes. “I don’t think the average American consumer who wakes up in the morning … changes what they’re going to do because they read about tariffs…But I do think companies might,” JP Morgan Chase CEO told Semafor at the summit.

The remark comes as US President’s tariff policy has sparked volatility in the stock market. While broader markets registered a recovery on Wednesday, the S&P 500 was still down more than 7% over one month.

BlackRock CEO Larry Fink also mirrored the comments by the CEO of America’s largest bank. Like Dimon, Fink also believe that the impact of Trump’s trade policies will result in elevated inflation levels. In an interview with Semafor’s Liz Hoffman at the same event, Fink said that there are chances that inflation will remain on higher side in coming months. On the future outlook, Fink said that every CEO is worried about ‘fearful economy right now.’ However, he added that these were all short-term disruptions.

Tariff plans that have targeted nations such as Canada, China and European Union have spooked the markets. As per the current data, US markets have lost $4 trillion in value since its peak posted in February.