In his early days in office, former President Donald Trump rattled some nerves with talk of imposing big tariffs on the U.S.’s top trading partners—China, Mexico, and Canada. But before everyone starts panicking, not all experts are concerned.
Jamie Dimon, the CEO of JPMorgan Chase, shared his perspective during the World Economic Forum in Switzerland. When asked about the potential for tariffs causing a bit of inflation, Dimon wasn’t too fazed. He told CNBC, “If it’s a little inflationary, but it’s good for national security, so be it. I mean, get over it. National security trumps a little bit more inflation.”
Dimon sees tariffs as just another economic tool. “They’re an economic weapon, depending on how you use it,” he explained. While tariffs can drive inflation, they can also have other effects—good or bad—depending on the situation.
David Solomon, the CEO of Goldman Sachs, echoed Dimon’s thoughts, saying that tariffs, if used correctly, can be a positive thing.
Meanwhile, President Trump has been discussing the possibility of a 10% tariff on Chinese goods and a hefty 25% tariff on goods coming from Mexico and Canada. These tariffs could go into effect as early as February 1st.
Trump has framed these tariffs as necessary actions to combat undocumented immigration and fentanyl trafficking across U.S. borders. While the tariffs are actually lower than what he had initially proposed during his campaign, they’re still getting attention.
Naturally, the countries involved aren’t just sitting back. The Chinese foreign ministry made it clear that they would defend their national interests, stating, “There are no winners in a trade war or a tariff war.”
Canada’s Finance Minister, Dominic LeBlanc, also voiced concern, saying, “We still believe it would be a mistake for the American government to impose tariffs.” Mexican President Claudia Sheinbaum echoed a similar sentiment, stressing that Mexico will always defend its sovereignty and would respond carefully to any tariffs.
While some economists worry that these tariffs could lead to higher inflation, others like Dimon believe the trade moves are just part of a bigger economic strategy.
Alongside the tariffs, Trump has also talked about renegotiating the U.S.-Mexico-Canada trade agreement ahead of its 2026 review and even threatening to slap 100% tariffs on emerging market nations if they try to challenge the U.S. dollar.
So, while the talk of tariffs may seem worrying, many experts believe it’s not the end of the world. The real challenge will be how these strategies unfold and whether they’ll lead to positive change or more tension on the global stage. What’s clear is that this isn’t the last time we’ll be hearing about trade wars!
