This is how Jamie Dimon would fix income inequality

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 he would implement a negative income tax and declare a national emergency on infrastructure and education.

Posted: Jul 24, 2018 5:58 AM
Updated: Jul 24, 2018 6:18 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 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."

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 764448

Reported Deaths: 13965
CountyCasesDeaths
Marion1049701803
Lake567981029
Allen42685698
St. Joseph37253568
Hamilton37131426
Elkhart29699470
Tippecanoe23347230
Vanderburgh23106404
Porter19538327
Johnson18755391
Hendricks18012321
Madison13463345
Clark13450198
Vigo12789255
LaPorte12533224
Monroe12494178
Delaware11100198
Howard10612237
Kosciusko9736123
Hancock8707149
Bartholomew8235157
Warrick8031157
Floyd7975181
Grant7337181
Wayne7222201
Boone7145105
Morgan6886142
Marshall6323116
Dubois6267118
Cass6083111
Dearborn598578
Noble595790
Henry5939111
Jackson514677
Shelby509097
Lawrence4901127
Gibson460696
Montgomery454492
Clinton453555
DeKalb451585
Harrison450576
Whitley414745
Huntington411781
Steuben409560
Miami404073
Jasper399455
Knox387091
Putnam383762
Wabash367383
Adams351656
Ripley350471
Jefferson340486
White338954
Daviess3084100
Wells302281
Greene292285
Decatur291493
Fayette285864
Posey280435
Scott278058
LaGrange276972
Clay273048
Washington252437
Randolph247083
Jennings238149
Spencer237531
Fountain233750
Starke229859
Owen221059
Sullivan219043
Fulton207645
Jay202832
Carroll196522
Orange190556
Perry189139
Vermillion179644
Rush177027
Franklin171635
Tipton171547
Parke153616
Pike141234
Blackford137832
Pulaski122948
Newton122436
Benton109215
Brown105743
Crawford105116
Martin92515
Warren87615
Switzerland8308
Union73510
Ohio58211
Unassigned0428

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1122104

Reported Deaths: 20467
CountyCasesDeaths
Franklin1302141493
Cuyahoga1171052259
Hamilton823021259
Montgomery534221059
Summit488431014
Lucas43716832
Butler39925614
Stark33777937
Lorain25975509
Warren24887312
Mahoning22677612
Lake21448396
Clermont20360260
Delaware19105138
Licking16838227
Trumbull16770491
Fairfield16750207
Medina15818276
Greene15497254
Clark14336308
Portage13410218
Wood13332201
Allen12037245
Richland11722213
Miami10993228
Wayne9249227
Columbiana9195236
Muskingum9118137
Pickaway8735123
Tuscarawas8710254
Marion8697140
Erie8116166
Ashtabula7270179
Hancock7043134
Ross7011165
Geauga6946153
Scioto6665108
Belmont6207179
Lawrence5912104
Union590449
Jefferson5722162
Huron5624122
Sandusky5473130
Darke5436130
Seneca5376128
Washington5360111
Athens526360
Auglaize506987
Mercer490585
Shelby480997
Knox4609112
Madison447266
Ashland442698
Defiance438499
Fulton435675
Putnam4351104
Crawford4108111
Brown409462
Preble3944107
Logan391679
Clinton388666
Ottawa375381
Highland364968
Williams356178
Champaign348060
Guernsey329754
Jackson321154
Perry298350
Morrow294543
Fayette288150
Hardin279065
Henry276967
Coshocton272561
Holmes2725102
Van Wert251765
Adams249158
Gallia248950
Pike244537
Wyandot235257
Hocking222263
Carroll200649
Paulding179342
Meigs151040
Noble137739
Monroe137445
Harrison115138
Morgan111624
Vinton87217
Unassigned03
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