JPMorgan Chase CEO warns Trump’s tariffs could undermine US global leadership

JPMorgan Chase CEO warns Trump’s tariffs could undermine US global leadership

JPMorgan Chase CEO Jamie Dimon has cautioned that President Donald Trump’s escalating trade war is threatening to erode the US’s credibility as the world’s economic anchor, urging American leaders to resume engagement with China and international allies to avoid further damage.

In an interview with the Financial Times, Dimon said that while the US remains a global haven due to its economic strength and rule of law, persistent uncertainty surrounding the administration’s trade policies is beginning to shake global confidence. “So you’re going to be reading about this nonstop until hopefully these tariffs and trade wars settle down and go away so people can say, I can rely on America,” he said.

The remarks come amid mounting market turbulence following Trump’s surprise April 2 announcement of sweeping “liberation day” tariffs, which imposed steep new duties on goods from several countries, including China. Investors were rattled, and US Treasury yields surged at their fastest rate in decades as markets scrambled to adjust to the shifting economic landscape.

A call for engagement

Dimon emphasized that re-engagement with Beijing should begin immediately, saying, “I don’t think there’s any engagement right now… it doesn’t have to wait a year. It could start tomorrow.” He added that America must not assume continued dominance without accountability. “We should be careful. I don’t think anyone should assume they have a divine right to success and therefore don’t worry about it.”

Though Dimon acknowledged that most markets remained functional despite the volatility, he said the pace of changes had unnerved participants. “The markets are very volatile, it scares people,” he said.

Tariffs shock the system

Trump’s announcement of tariffs up to 145% on Chinese imports sent shockwaves through the global system. Although the administration recently carved out exceptions for consumer electronics, most of the duties remain intact. Dimon, one of the most influential figures in American finance, had previously warned that the tariffs could push the US into a recession — a point Trump himself cited before briefly pausing some measures.

“When they announced the liberation day tariffs, they were dramatically different than people expected. That was shocking to the system. The global system, not just in the United States,” Dimon said.

Support for allies and US leadership

Dimon advocated for a more coordinated approach to trade that includes key allies. “I would want to negotiate eventually with Europe, with the UK, with Japan, Korea, Australia, Philippines, and have a very strong economic relationship,” he said. “I think we should be clear-eyed about what we’re trying to accomplish.”

He also expressed confidence in Treasury Secretary Scott Bessent, describing him as “an adult” capable of guiding the economy through challenging times, even if Dimon did not fully support all of the administration’s decisions.

No political ambitions, but future plans

While Dimon has often been floated as a potential Treasury Secretary or even presidential candidate, he downplayed the idea, saying the closest he came was once asking someone “what does it even entail?” before deciding against it. He did, however, hint at future ambitions in media, suggesting a project he believes “all the papers should be doing,” though he did not elaborate.

As speculation continues around his eventual successor at JPMorgan, Dimon said he is looking for someone with “courage, curiosity, grit, heart and capability,” noting that current senior leaders such as Marianne Lake, Troy Rohrbaugh, and Doug Petno all possess these traits to varying degrees.

For now, Dimon remains focused on steering the US’s biggest bank through turbulent times — and warning Washington that the path to global trust lies in clarity, coordination, and dialogue.