SEVERE WX : Heat Advisory View Alerts

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 5:58 AM
Updated: Jul 24, 2018 5:58 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."

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 49063

Reported Deaths: 2732
CountyConfirmedDeaths
Marion11760689
Lake5276246
Elkhart340255
Allen2835133
St. Joseph200169
Cass16429
Hamilton1608101
Hendricks1425100
Johnson1296118
Porter76738
Tippecanoe7359
Clark66844
Madison66764
Bartholomew59145
Vanderburgh5876
LaPorte58326
Howard58058
Kosciusko5624
Marshall5016
Noble48528
LaGrange4779
Jackson4733
Boone45443
Delaware45252
Hancock45236
Shelby43125
Floyd38444
Morgan32731
Monroe30928
Montgomery29720
Grant29626
Clinton2902
Dubois2886
Henry28216
White26610
Decatur25432
Lawrence24825
Dearborn23823
Vigo2388
Warrick22729
Harrison21622
Greene19032
Miami1862
Jennings17712
Putnam1708
DeKalb1634
Scott1628
Daviess14817
Wayne1436
Orange13623
Perry1359
Steuben1302
Franklin1268
Ripley1247
Jasper1232
Wabash1142
Carroll1102
Fayette1037
Newton9910
Gibson982
Whitley975
Starke943
Randolph804
Huntington782
Jefferson762
Wells751
Fulton721
Jay680
Washington671
Pulaski661
Knox640
Clay604
Rush583
Owen501
Adams491
Benton480
Posey450
Sullivan451
Spencer441
Brown421
Blackford392
Crawford320
Fountain322
Tipton311
Switzerland280
Parke240
Martin220
Ohio180
Vermillion140
Warren141
Union130
Pike110
Unassigned0193

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 60181

Reported Deaths: 2991
CountyConfirmedDeaths
Franklin10879439
Cuyahoga8277383
Hamilton6287206
Lucas2836303
Marion273639
Summit2241207
Pickaway220541
Montgomery220131
Mahoning1861239
Butler167447
Columbiana130960
Stark1156113
Lorain106468
Trumbull99774
Warren89525
Clark7809
Delaware61715
Fairfield60517
Tuscarawas58510
Belmont55522
Medina54332
Lake52920
Licking52012
Miami47531
Portage46159
Wood45251
Ashtabula43744
Clermont4317
Geauga41443
Wayne36552
Richland3515
Allen32841
Mercer2909
Greene2879
Darke25326
Erie25022
Holmes2453
Huron2282
Madison2029
Ottawa16024
Washington14020
Sandusky13814
Crawford1365
Putnam13215
Ross1323
Coshocton1302
Hardin12312
Morrow1181
Auglaize1074
Jefferson922
Union921
Monroe8917
Muskingum891
Hancock831
Preble801
Athens791
Hocking798
Guernsey763
Lawrence740
Williams722
Shelby704
Clinton680
Logan651
Fulton630
Ashland621
Carroll603
Wyandot605
Brown591
Scioto540
Defiance533
Knox531
Fayette480
Highland461
Champaign441
Van Wert420
Perry371
Seneca352
Henry320
Jackson260
Paulding260
Adams241
Pike240
Vinton222
Gallia201
Harrison121
Meigs120
Morgan110
Noble110
Unassigned00
Fort Wayne
Clear
90° wxIcon
Hi: 92° Lo: 72°
Feels Like: 95°
Angola
Scattered Clouds
79° wxIcon
Hi: 90° Lo: 72°
Feels Like: 80°
Huntington
Scattered Clouds
89° wxIcon
Hi: 90° Lo: 72°
Feels Like: 95°
Decatur
Clear
81° wxIcon
Hi: 91° Lo: 72°
Feels Like: 84°
Van Wert
Clear
81° wxIcon
Hi: 92° Lo: 72°
Feels Like: 84°
AM Storms, Slightly Cooler Friday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events