This is how Jamie Dimon would fix income inequality

In an exclusive interview at the launch of the Chicago Entrepreneurs of Color Fund, JPMorgan Chase CEO Jamie Dimon tells CNN's Christine Romans that he would implement a negative income tax and declare a national emergency on infrastructure and education.

Posted: Jul 24, 2018 5:00 AM
Updated: Jul 24, 2018 5:18 AM

JPMorgan Chase CEO Jamie Dimon is worried the economy's momentum could be derailed by President Donald Trump's trade wars.

"If you do another $200 billion of tariffs and this national security thing about cars, I think that you're getting pretty close to reversing some of the benefits you've seen in the economy," Dimon told CNNMoney's Christine Romans.

Trump has announced pending tariffs on Chinese goods worth $200 billion, as well as potential tariffs on imports of autos and auto parts.

Dimon is probably America's most influential bank CEO. He is the longest serving chief executive on Wall Street and heads the powerful Business Roundtable. Dimon spoke with CNNMoney last Thursday in an interview that touched on trade, education, immigration and Trump.

On China, Dimon said, Trump has "raised serious issues that are pretty accurate." But his tactics pose risks, and have the potential to dial back gains from corporate tax cuts, he said.

"I would remind folks that the president's team has already said, 'There will be no retaliation.' They've already been wrong," Dimon said. "If I was the president, I'd be a little ticked off at some of my advisers, to tell you the truth."

On trade: 'Our next step' is not clear

Dimon said it's too early to know whether tariffs will undo the economy's gains, but that such a reversal is "possible."

Earlier this year, the United States imposed steep tariffs on steel and aluminum imports, angering allies such as Canada, Mexico and the European Union, which retaliated with tariffs of their own. The United States and China have swapped tariffs on billions of dollars of each other's goods, and Trump is threatening to strike again at even more Chinese exports.

Dimon said issues like Chinese intellectual property theft would have been better addressed by forming a "common front" with US allies such as Mexico, Canada, Europe and Japan.

"Now we have a little bit of a trade war, [a] trade skirmish — however you want to define it — with all our allies and China," he said. "That's complex. It raises the uncertainty a little bit."

While China will probably stick to "measured, tit-for-tat retaliation," it's not clear what the United States will do next, Dimon added.

"I just don't know what our next step is going to be," he said. "We're all anxiously waiting to see."

Dimon also said he wants the United States to wrap up negotiations on the North American Free Trade Agreement.

"We want NAFTA done," he said. "To be torturing Mexico in this way, in my opinion, is dead wrong, and it should be fixed."

On immigration: Worried about the brain drain

Dimon reiterated his support for DACA, the Obama-era program that allowed undocumented immigrants brought to the United States as children to live and work domestically without fear of deportation.

"Most Americans like the immigrants they know, who help them and work with them," he said. "We need the jobs."

He also expressed concern about a US brain drain. Foreign nationals who go to college or graduate school in the United States should be awarded green cards after graduation, Dimon said.

"In Toronto, Vancouver, they're saying, 'We'll take them all,'" he said. "So you have these new research centers, new AI centers, and new [engineering] and design centers that are being built in Vancouver and Toronto, and not in Seattle. That can't be smart."

On infrastructure and education: 'Declare an emergency'

The United States remains the best place in the world to do business, Dimon said. But he believes the country has lost its way on infrastructure and education.

"We have a national emergency in inner city schools," Dimon said, adding that he would "do infrastructure and education like World War II" and "declare an emergency."

"It isn't like we haven't been trying a little bit, but we need success at this point," he said.

In recent years, JPMorgan has focused a good chunk of its giving on economic development in underserved communities.

On Thursday, the bank announced that it would invest $4 million to provide minority entrepreneurs on Chicago's South Side and West Side with the money and resources necessary to get their businesses off the ground, replicating funds the company set up in Detroit, San Francisco and New York City.

"We know what to do, and we have to do more of it," Dimon said.

On Trump

Dimon said he doesn't agree with all the president's policies, but believes he has an obligation to engage. "You can't take yourself off the playing field," he said.

Businesses can work with an administration without supporting all its policies, he added.

"I think it's a mistake to say that because business is trying to work with government that they're supporting every policy of the government," he said. "That just is not true."

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 41571

Reported Deaths: 1537
CountyConfirmedDeaths
Hennepin13328790
Ramsey5169232
Dakota265596
Stearns249619
Anoka2393111
Nobles16846
Olmsted125920
Washington125541
Mower9822
Rice8798
Scott8584
Clay61238
Kandiyohi5901
Blue Earth5632
Wright5285
Carver4691
Todd4022
Sherburne3625
Lyon3332
Freeborn3120
Watonwan2670
Steele2451
Benton2363
St. Louis22316
Nicollet20312
Martin1755
Cottonwood1420
Winona14115
Goodhue1408
Le Sueur1251
Crow Wing11312
Pine1120
Otter Tail1111
Chisago1071
McLeod1000
Dodge960
Carlton900
Polk883
Unassigned8838
Isanti810
Chippewa801
Waseca770
Murray730
Itasca7112
Douglas700
Pipestone694
Morrison641
Becker620
Meeker621
Faribault610
Sibley582
Jackson570
Pennington530
Beltrami470
Brown442
Mille Lacs392
Wabasha380
Renville372
Fillmore350
Rock340
Swift331
Houston320
Yellow Medicine310
Grant250
Roseau250
Redwood230
Wilkin223
Koochiching211
Norman210
Cass192
Big Stone170
Kanabec171
Lincoln170
Wadena170
Aitkin150
Marshall130
Pope130
Clearwater120
Stevens110
Hubbard100
Mahnomen101
Lake60
Traverse60
Lac qui Parle50
Red Lake40
Kittson20
Cook10
Lake of the Woods00

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 34564

Reported Deaths: 747
CountyConfirmedDeaths
Polk7332184
Woodbury332944
Black Hawk249259
Buena Vista173711
Johnson14268
Dallas138531
Linn138183
Marshall109219
Scott103110
Dubuque94023
Story8575
Pottawattamie82112
Wapello71431
Muscatine68745
Crawford6803
Sioux5010
Tama48329
Wright3971
Louisa36513
Webster3655
Plymouth3465
Jasper34417
Warren3191
Dickinson2993
Cerro Gordo2841
Washington2519
Hamilton2011
Boone1681
Clay1491
Clarke1433
Allamakee1384
Clinton1321
Shelby1200
Mahaska11917
Carroll1131
Poweshiek1128
Bremer1107
Pocahontas1071
Franklin1040
Des Moines1002
Cedar951
Emmet950
Henry933
Hardin900
Cherokee831
Floyd812
Taylor810
Marion800
Monona780
Benton751
Guthrie754
Jones710
Butler682
Osceola680
Sac680
Buchanan631
Calhoun632
Iowa631
Jefferson620
Hancock601
Harrison600
Humboldt601
Fayette570
Jackson570
Lyon570
Delaware561
Madison552
Lee542
Monroe527
Palo Alto510
Clayton503
Grundy470
Mills470
Winneshiek460
Mitchell440
Davis421
Kossuth410
Union380
Howard370
Lucas354
Unassigned350
Winnebago340
Greene300
Chickasaw290
Cass280
Ida230
Keokuk231
Worth220
Appanoose213
Page210
Van Buren210
Audubon181
Adair170
Ringgold161
Decatur130
Montgomery122
Wayne110
Fremont100
Adams80
Rochester
Clear
67° wxIcon
Hi: 80° Lo: 59°
Feels Like: 67°
Mason City
Clear
67° wxIcon
Hi: 82° Lo: 59°
Feels Like: 67°
Albert Lea
Clear
68° wxIcon
Hi: 81° Lo: 60°
Feels Like: 68°
Austin
Clear
68° wxIcon
Hi: 82° Lo: 60°
Feels Like: 68°
Charles City
Clear
67° wxIcon
Hi: 82° Lo: 60°
Feels Like: 67°
Severe Thunderstorm Watch Until 8 P.M.; Sunday looks great
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Dave Main 10p Wx

Image

Virtual campaigning during pandemic

Image

Former NIACC coach Travis Hergert back in big league camp with the Phillies

Image

New ICE guidelines causing concern for international students

Image

Dave Main 6p Weather 7/11

Image

Connecting with a loved one with dementia during the pandemic

Image

Bruins set to host all-star game

Image

COVID-19 Cases Expected to Spike in North Iowa

Image

Training hard for a season that might not happen

Image

Sean's 6pm Weather 7/10

Community Events