JPMorgan Chairman "Trump Tariffs Will Lead to Negotiation Table"

JPMorgan Chase Chairman Jamie Dimon said U.S. President-elect Donald Trump's threat to impose tariffs "will bring his opponents to the negotiating table" and hopes it will be done wisely.

"Trump is not against trade, he thinks there are unfair and real cases in the United States," Dimon said at the 2024 Asia-Pacific Economic Cooperation, APEC CEO Summit in Lima, Peru, on the 14th local time.

"If there is anything unfair, we have to fix it," he said, but added, "If we start to make us stronger at the expense of others, there will be retaliation."

Steve Mnuchin, who previously served as Treasury Secretary in the first Trump administration, mentioned it to a similar effect.

"I think tariffs should be used to bring the other party back to the negotiating table, but China in particular is not implementing everything it has agreed to," Mnuchin said.

"The world's problem is the future of freedom and democracy around geopolitics, military and economic geopolitics," Dimon said. "It is more important to correct this than an economic soft landing."

During the presidential election, Trump has repeatedly vowed to impose tariffs of 10% to 20% on imports from all countries and more than 60% on imports from China.

Chairman Dimon was mentioned as a candidate for Treasury secretary in the second Trump administration, but Trump said in a post on social media Truth Social that he "respects Dimon very much, but he will not be invited to be part of the Trump administration."