Jamie Dimon's Address at Davos
JPMorgan Chase CEO Jamie Dimon provided direct feedback to attendees at the World Economic Forum in Davos. When questioned about a "climate of fear" among American CEOs regarding White House policies, Dimon addressed the collective performance of the "Davos elite."
Dimon stated, "I've been coming to Davos all these years and listen to chatter and stuff like that... And you didn't do a particularly good job making the world a better place. I think it's great we get together and talk."
Views on US Policy
Dimon offered his criticism during questions about the impact of President Trump's policies on the economy and geopolitical climate. He indicated that he did not view these issues as binary, pending further information on outcomes.
He summarized his perspectives: "I've made it clear I want a stronger NATO, a stronger Europe. Some of the things Trump has done are causing that, some are not. I'm not a tariff guy, though I'd use it in [some] cases. I think they should change their approach to immigration. I've said it."
Stance on Trump Administration Policies
Dimon has maintained a nuanced position regarding the Trump administration. He has supported some policies, such as addressing trade imbalances, initially viewing tariff rhetoric as "too large, too big and too aggressive" but later acknowledging it as part of a "master plan to get people to the table." He also previously advised people to "get over" tariffs if national security improved.
He has also expressed support for enhanced border security but advocated for "merit-based immigration." Dimon voiced concern over a proposed $100,000 fee for H-1B visas, which allow U.S. employers to temporarily hire non-U.S. workers for specialized roles. He appealed to the president for "good immigration" and anticipated "some pushback on the H-1Bs."
Emphasis on International Unity
Dimon's primary message concerning recent policy has been the importance of unity with key allies. In a letter to shareholders, he previously wrote about the necessity of strengthening European nations and maintaining close ties. He warned that "if Europe's economic weakness leads to fragmentation, the landscape will look a lot like the world before World War II." He added that "America First is fine, as long as it doesn't end up being America alone," and at Davos, he simply stated, "I'm a globalist."