JPMorgan CEO on working with President Trump

In an exclusive interview at the launch of the Chicago Entrepreneurs of Color Fund, JPMorgan Chase CEO Jamie Dimon tells CNN's Christine Romans that despite not agreeing with all of President Trump's policies, he believes it's still best for businesses to work with the government.

Posted: Jul 24, 2018 4:45 AM
Updated: Jul 24, 2018 4:58 AM

JPMorgan Chase CEO Jamie Dimon is worried the economy's momentum could be derailed by President Donald Trump's trade wars.

"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," Dimon told CNNMoney's Christine Romans.

Trump has announced pending tariffs on Chinese goods worth $200 billion, as well as potential tariffs on imports of autos and auto parts.

Dimon is probably America's most influential bank CEO. He is the longest serving chief executive on Wall Street and heads the powerful Business Roundtable. Dimon spoke with CNNMoney last Thursday in an interview that touched on trade, education, immigration and Trump.

On China, Dimon said, Trump has "raised serious issues that are pretty accurate." But his tactics pose risks, and have the potential to dial back gains from corporate tax cuts, he said.

"I would remind folks that's the president's team has already said, 'There will be no retaliation.' They've already been wrong," Dimon said. "If I was the president, I'd be a little ticked off at some of my advisers, to tell you the truth."

On trade: 'Our next step' is not clear

Dimon said it's too early to know whether tariffs will undo the economy's gains, but that such a reversal is "possible."

Earlier this year, the United States imposed steep tariffs on steel and aluminum imports, angering allies such as Canada, Mexico and the European Union, which retaliated with tariffs of their own. The United States and China have swapped tariffs on billions of dollars of each other's goods, and Trump is threatening to strike again at even more Chinese exports.

Dimon said issues like Chinese intellectual property theft would have been better addressed by forming a "common front" with US allies such as Mexico, Canada, Europe and Japan.

"Now we have a little bit of a trade war, [a] trade skirmish — however you want to define it — with all our allies and China," he said. "That's complex. It raises the uncertainty a little bit."

While China will probably stick to "measured, tit-for-tat retaliation," it's not clear what the United States will do next, Dimon added.

"I just don't know what our next step is going to be," he said. "We're all anxiously waiting to see."

Dimon also said he wants the United States to wrap up negotiations on the North American Free Trade Agreement.

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

On immigration: Worried about the brain drain

Dimon reiterated his support for DACA, the Obama-era program that allowed undocumented immigrants brought to the United States as children to live and work domestically without fear of deportation.

"Most Americans like the immigrants they know, who help them and work with them," he said. "We need the jobs."

He also expressed concern about a US brain drain. Foreign nationals who go to college or graduate school in the United States should be awarded green cards after graduation, Dimon said.

"In Toronto, Vancouver, they're saying, 'We'll take them all,'" he said. "So you have these new research centers, new AI centers, and new [engineering] and design centers that are being built in Vancouver and Toronto, and not in Seattle. That can't be smart."

On infrastructure and education: 'Declare an emergency'

The United States remains the best place in the world to do business, Dimon said. But he believes the country has lost its way on infrastructure and education.

"We have a national emergency in inner city schools," Dimon said, adding that he would "do infrastructure and education like World War II" and "declare an emergency."

"It isn't like we haven't been trying a little bit, but we need success at this point," he said.

In recent years, JPMorgan has focused a good chunk of its giving on economic development in underserved communities.

On Thursday, the bank announced that it would invest $4 million to provide minority entrepreneurs on Chicago's South Side and West Side with the money and resources necessary to get their businesses off the ground, replicating funds the company set up in Detroit, San Francisco and New York City.

"We know what to do, and we have to do more of it," Dimon said.

On Trump

Dimon said he doesn't agree with all the president's policies, but believes he has an obligation to engage. "You can't take yourself off the playing field," he said.

Businesses can work with an administration without supporting all its policies, he added.

"I think it's a mistake to say that because business is trying to work with government that they're supporting every policy of the government," he said. "That just is not true."

Mississippi Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 113876

Reported Deaths: 3238
CountyConfirmedDeaths
Hinds7894177
DeSoto693279
Harrison512983
Jackson450384
Rankin389486
Madison381293
Lee351479
Forrest300778
Jones289184
Washington256499
Lafayette248343
Lauderdale2437134
Lamar224238
Oktibbeha200854
Bolivar200477
Neshoba1842111
Lowndes178362
Panola169139
Leflore165887
Sunflower160949
Warren154355
Monroe148172
Pontotoc146119
Marshall141229
Lincoln138957
Pike138256
Copiah136936
Coahoma124936
Scott124929
Yazoo121733
Grenada121638
Simpson121249
Union117425
Tate116039
Leake114640
Holmes114460
Pearl River112959
Itawamba112225
Adams107343
Prentiss104819
Wayne100821
Alcorn98712
George97918
Covington97026
Marion94642
Tippah88922
Newton85627
Chickasaw84026
Tallahatchie84025
Winston83321
Hancock81628
Tishomingo80041
Attala79026
Clarke74351
Clay68421
Jasper67917
Walthall63827
Calhoun62212
Noxubee59617
Smith59116
Montgomery54323
Claiborne53716
Tunica52917
Yalobusha52614
Lawrence51214
Perry48723
Carroll48012
Greene47318
Stone46414
Humphreys42816
Amite42113
Quitman4196
Jefferson Davis40511
Webster37013
Wilkinson33720
Benton3335
Kemper32215
Sharkey28314
Jefferson27510
Franklin2403
Choctaw2056
Issaquena1074
Unassigned00

Alabama Coronavirus Cases

Confirmed Cases: 155915

Reported Deaths: 2674
CountyConfirmedDeaths
Jefferson22988375
Mobile16788315
Tuscaloosa10235140
Montgomery9978197
Madison922894
Shelby727463
Baldwin661569
Lee651765
Marshall437249
Calhoun422461
Etowah421450
Morgan407135
Houston371734
DeKalb336029
Elmore317353
St. Clair289142
Limestone279730
Walker275593
Talladega263635
Cullman239925
Lauderdale218042
Jackson212515
Franklin203231
Autauga203030
Colbert198731
Russell19283
Blount191125
Dallas186327
Chilton185832
Coffee173211
Escambia172230
Covington171429
Dale166551
Chambers134343
Clarke133617
Pike132713
Tallapoosa131387
Marion107129
Barbour10129
Butler100240
Marengo100222
Winston91913
Geneva8617
Lawrence83732
Pickens83618
Bibb82514
Randolph82016
Hale75830
Clay73612
Washington73412
Cherokee73114
Lowndes70428
Monroe64510
Henry6436
Bullock63917
Crenshaw60330
Perry5856
Fayette56913
Wilcox56412
Conecuh56013
Cleburne5518
Macon53020
Lamar4745
Sumter47221
Choctaw39012
Greene34216
Coosa2033
Out of AL00
Unassigned00
Tupelo
Overcast
54° wxIcon
Hi: 60° Lo: 55°
Feels Like: 54°
Columbus
Overcast
62° wxIcon
Hi: 67° Lo: 56°
Feels Like: 62°
Oxford
Overcast
48° wxIcon
Hi: 55° Lo: 49°
Feels Like: 44°
Starkville
Overcast
59° wxIcon
Hi: 61° Lo: 52°
Feels Like: 59°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather