Less than a couple of months after he seemingly backed US President Donald Trump's policy of import tariffs, JPMorgan Chase Chief Executive Officer Jamie Dimon indicated a shift in his stance.
Speaking on the sidelines of a summit hosted by the Bipartisan Policy Center and BlackRock on Wednesday, Dimon told Semafor that the uncertainty triggered by the tariffs is "not good."
“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," the veteran banker told the publication.
This comes after Dimon, while discussing the potential US tariffs at the sidelines of the World Economic Forum in Davos in January, said to "get over it."
“I would put it in perspective: If it's a little inflationary, but it's good for national security, so be it,” Dimon had then told CNBC.
The change in the JPMorgan Chase CEO's tune on tariffs comes the adverse impact of tariffs on equity markets worldwide. The American stock market has also been roiled, with S&P 500 down 7% month-on-month on Wednesday even as the broader markets rebounded.
Blackstone Group Chief Executive Officer Stephen Schwarzman, however, highlighted the "good thing" about tariffs, while speaking to reporters on his visit to India on Wednesday.
The head of the $1.1 trillion asset manager said tariffs would “at the end of the day" lead to a significant increase in American manufacturing, Financial Times reported.
On Wednesday, the US slapped a 25% tariff on imports of steel and aluminium without any exemption. Trump has also threatened to levy reciprocal tariffs on "countries like India" from April.
Speaking to NDTV Profit on Wednesday, The Gloom, Boom & Doom report editor Marc Faber called tariffs the "worst economic intervention you can dream about." The analyst also stressed that a recovery in global major markets was unlikely for a long time to come. The US stock market is the 'biggest bubble in history' when compared to the real economy, he added.
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