Jamie Dimon, the CEO of JPMorgan Chase, noted that tariffs could result in inflation but also serve to safeguard national security, emphasizing, "National security takes precedence over a slight increase in inflation."
President Donald Trump intends to implement a 10% tariff on Chinese products and impose 25% tariffs on trade with Mexico and Canada, effective February 1.
China, Mexico, and Canada have indicated their preparedness to retaliate against Trump's tariffs, with officials asserting their intent to protect their national interests.
Several economists anticipate that Trump's tariffs may spur inflation, contradicting his campaign's criticism of high prices under the Biden administration.