‘They’ve Already Been Wrong’: Jamie Dimon Blasts Trump’s Trade Policy In CNN Interview

Jamie Dimon is not a fan of Donald Trump’s approach to trade.

And although he’d probably contend that’s not an entirely accurate assessment of his thinking, a new interview with CNN Money certainly seems to the support the notion that he believes the President and his team are increasingly detached from reality when it comes to global trade and commerce.

“I would remind folks that the president’s team has already said, ‘There will be no retaliation.’ They’ve already been wrong,” Dimon told the network’s Christine Romans, adding that “if I was the president, I’d be a little ticked off at some of my advisers, to tell you the truth.”

Advisors like, say, Peter Navarro who is a standing joke in the academic community and has failed on any number of occasions when it comes to getting involved in politics.

Dimon also criticized America’s approach to NAFTA negotiations, going so far as to accuse Trump of “torturing” Mexico.

We want NAFTA done/ To be torturing Mexico in this way, in my opinion, is dead wrong, and it should be fixed.

He also suggested that the correct way to address grievances with China is to marshal support from traditional U.S. allies and present a unified front, that is not confrontational, but rather aimed at constructive dialogue. That, as opposed to simply adopting the most confrontational approach possible in the interest of scoring political points with the Roseanne base ahead of the midterms.

Instead, Trump has isolated Canada (with Navarro going so far as to condemn Justin Trudeau to “hell” on national television) and characterized the European Union as a “foe” of the U.S.

Dimon went on to warn that taking this all the way to it’s logical (or maybe illogical is better) extreme risks negating the benefits of the stimulus:

If you do another $200 billion of tariffs and this national security thing about cars, I think that you’re getting pretty close to reversing some of the benefits you’ve seen in the economy.

The following chart reminds you where things stand currently.


Just to put that in context, we’re at risk of taking US protectionism to levels last seen in the mid- 1970s.


On immigration, Dimon’s message was simple. And although you can watch it for yourself at the link above for the details. Here’s the bottom line:

We completely support DACA. We completely support immigrants. They’re law-abiding, taxpayers [and] most Americans like the immigrants they know, who help them and work with them.

Finally, Dimon delivered a little anecdote about the time his daughter suggested he steer clear of commenting on these issues. His response to her:

You can’t take yourself off the playing field.

For those interested in what the campaign promises are going to look like when Jamie Dimon puts himself “on the playing field” for real by making a run at the White House in 2020, we thought this was a good time to republish his annual letter, embedded in full below.



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3 thoughts on “‘They’ve Already Been Wrong’: Jamie Dimon Blasts Trump’s Trade Policy In CNN Interview

  1. I do agree that Dimon has 2020 in his crosshairs, but nonetheless have to ask whether a majority of Americans is ready to vote for:

    A banker.
    The ex-boss of a criminally convicted serial felon.

    And yeah, I know, we could replace ‘banker’ with ‘real estate developer’ and ‘felon’ with ‘bankrupt’ (dropping the ‘criminally convicted’ bit). But still….surely it’s worth asking?

    The question is not rhetorical, and I don’t pretend to know the answer. Were there ever to be a President Dimon, however, I’m sure many in the rest of the world would add it to the growing list of ‘things about America that normal people elsewhere can’t get their heads around’. After that, who knows where it would end? One day you might even get an actor in the White House. Oh…yeah….hmmm.

  2. Sure beat your trading partners (to death) out of business so the when this hellish nightmare dissolves back into reality it will take years and maybe never to get “our friends” to trust us again. Now that is great negotiating. Even the mafia knows, sure kiil’em as you say, “It’s nothing personal, it’s just bidness”.

  3. No worries, Jean-Claude is in town and he’ll straighten out this mess. Booze sales at the Four Seasons are going to be through the roof.

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