By CCN: Jamie Dimon has been in the news with a number of surprising opinions lately, but his latest interview could perhaps be the most maverick. Speaking to Poppy Harlow on CCN Business, the JPMorgan CEO revealed that – contrary to the stock market’s horrified consensus over Donald Trump’s aggressive posturing on trade tariffs with China – the president’s policy is actually working.
Earlier in the year, Dimon spoke out against the U.S. government shutdown – warning that it could slash economic growth to zero – as well as Trump’s tax cuts, which in his opinion have done nothing for ordinary American workers. Cutting a distinctly liberal tone on the topic, one would think that Dimon was a full-on anti-Trumper, but in this interview, he made it clear that his thoughts on Trump’s economic policy are decidedly non-binary.
In particular, he made it clear that he does not see the short term reaction of the stock market as a reliable judge of a situation.
Stock Market Reaction is ‘Expected, But Not Disastrous”
In Jamie Dimon‘s opinion, while the stock market’s much-reported reaction to Trump’s tariff threats are not good for anyone, it does not necessarily mean that an economic apocalypse is at hand if the said tariffs are indeed imposed. He believes that while imposing such tariffs may have a negative impact on the market, America will be fine in the long run and the dreaded specter of a trade war will probably never actually happen.
Speaking further on this point he said:
“Tariffs increase the odds of a trade war, that’s all. I think if you had tariffs, you would see reactions in the marketplace that are not what either side wants.”
Soothing as they are, Dimon’s words will come as scant consolation to investors who were caught cold by Trump’s Sunday tweets, which single-handedly threw the stock market into a storm of volatility.
On Tuesday, the Dow Jones…