JPMorgan CEO Jamie Dimon, a long-outspoken analyst of economic trends from Wall Street's perspective, sounded a dire warning this week that President Donald Trump's tariff regime could dismantle the economy as we know it — but more than one person brought receipts showing he was singing a different tune just a couple of months ago.
Dimon, one of a number of finance executives who are declaring a break-glass emergency, made his grim forecast in a letter to shareholders.
"Whatever you think of the legitimate reasons for the newly announced tariffs – and, of course, there are some – or the long-term effect, good or bad, there are likely to be important short-term effects. We are likely to see inflationary outcomes, not only on imported goods but on domestic prices, as input costs rise and demand increases on domestic products,” said Dimon. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth."
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But multiple commenters on social media pointed out that as recently as January, Dimon was telling people at the Davos conference that Trump's tariffs probably wouldn't be that big a deal and people shouldn't be setting their hair on fire over the risk. Tariffs, he said at the time, could be an "economic tool" or an "economic weapon" depending on the circumstances, and “I would put in perspective: If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it.”
"Jamie Dimon no longer saying 'get over it' re Trump's tariffs," posted former national security staffer Brian P. McKeon.
"Less than three months ago, Jamie Dimon on Trump's tariffs: Probably no big deal. 'Get over it.' Now: Oops," wrote conservative analyst and former George H.W. Bush staffer Bill Kristol. "We need better capitalists."
Trump's tariffs, unveiled last week as part of his so-called "Liberation Day" event, places import duties ranging from 10 to 49 percent on essentially the entire world, and even directly singles out uninhabited Antarctic islands with no trade.