STREAMING NOW: Watch Now

JPMorgan CEO: US economy is 'strong and it's getting stronger'

In an exclusive interview at the launch of the Chicago Entrepreneurs of Color Fund, JPMorgan Chase CEO Jamie Dimon tells CNN's Christine Romans why he believes the strong economy may be sustainable.

Posted: Jul 24, 2018 3:46 AM
Updated: Jul 24, 2018 4:06 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.

Cases: 751826

Reported Deaths: 13811
CountyCasesDeaths
Marion1033581790
Lake557861011
Allen41721692
St. Joseph37001565
Hamilton36612417
Elkhart29416461
Tippecanoe22926227
Vanderburgh22559400
Porter19364326
Johnson18481389
Hendricks17692317
Clark13231195
Madison13166344
Vigo12629253
LaPorte12425221
Monroe12219176
Delaware10969198
Howard10343225
Kosciusko9636121
Hancock8578147
Bartholomew8172157
Warrick7862156
Floyd7814180
Grant7246179
Wayne7165201
Boone6976103
Morgan6764141
Dubois6222118
Marshall6211116
Cass6023110
Henry5903110
Dearborn589878
Noble581688
Jackson509476
Shelby502296
Lawrence4749122
Gibson445395
Clinton443255
Harrison441775
DeKalb440085
Montgomery438890
Whitley406643
Huntington403181
Steuben400559
Miami395669
Jasper388855
Knox377491
Putnam373461
Wabash362383
Ripley347370
Adams345555
Jefferson336186
White332453
Daviess3033100
Wells295381
Decatur289892
Greene286885
Fayette284864
Posey273835
LaGrange273172
Scott270156
Clay267148
Washington246236
Randolph245183
Jennings235349
Spencer234631
Starke228058
Fountain221448
Sullivan214643
Owen212258
Fulton203443
Jay201032
Carroll193820
Orange188255
Perry187237
Rush175926
Vermillion175144
Franklin170435
Tipton166646
Parke149616
Pike138334
Blackford136232
Pulaski120748
Newton114436
Brown104443
Benton102514
Crawford102516
Martin91815
Warren84015
Switzerland8158
Union72810
Ohio57911
Unassigned0424

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1109374

Reported Deaths: 20213
CountyCasesDeaths
Franklin1288561469
Cuyahoga1158492216
Hamilton814161251
Montgomery525741049
Summit484431006
Lucas43380824
Butler39066606
Stark33348930
Lorain25690506
Warren24607305
Mahoning22383602
Lake21216389
Clermont20133253
Delaware18873136
Licking16668225
Fairfield16582204
Trumbull16559483
Medina15615273
Greene15289248
Clark14240306
Wood13296200
Portage13251216
Allen11916239
Richland11610211
Miami10857225
Wayne9147225
Columbiana9038230
Muskingum8908135
Pickaway8663122
Tuscarawas8654251
Marion8646139
Erie8058165
Ashtabula7171179
Hancock6998133
Ross6946163
Geauga6843151
Scioto6536106
Belmont6159174
Union584849
Lawrence5739102
Jefferson5681159
Huron5550122
Sandusky5444126
Darke5420129
Seneca5350128
Washington5323109
Athens524360
Auglaize502287
Mercer487585
Shelby477095
Knox4573112
Madison444566
Ashland435897
Putnam4335104
Defiance432399
Fulton432174
Crawford4045110
Brown402561
Logan387678
Preble3858105
Clinton379166
Ottawa373581
Highland359966
Williams348478
Champaign344959
Guernsey325254
Jackson318354
Perry297350
Morrow291840
Fayette285550
Hardin275565
Henry273667
Holmes2703101
Coshocton269260
Van Wert247264
Adams243256
Pike242835
Gallia240850
Wyandot234756
Hocking220663
Carroll197448
Paulding176642
Meigs148540
Monroe136345
Noble136239
Harrison114138
Morgan110024
Vinton85717
Unassigned03
Fort Wayne
Partly Cloudy
65° wxIcon
Hi: 75° Lo: 56°
Feels Like: 65°
Angola
Mostly Cloudy
66° wxIcon
Hi: 73° Lo: 55°
Feels Like: 66°
Huntington
Clear
66° wxIcon
Hi: 75° Lo: 54°
Feels Like: 66°
Decatur
Partly Cloudy
65° wxIcon
Hi: 75° Lo: 55°
Feels Like: 65°
Van Wert
Partly Cloudy
69° wxIcon
Hi: 76° Lo: 55°
Feels Like: 69°
The warming trend continues into Thursday with highs reaching into the middle 80s.
WFFT Radar
WFFT Temperatures
WFFT National

Community Events