Selectively editing a quote from Jamie Dimon, Donald Trump made it appear that the JPMorgan Chase chairman had recently praised the president’s escalating trade war during a Wednesday morning interview with MAGA-boosting Fox Business anchor Maria Bartiromo.
In reality, however, Dimon warned Bartiromo that a recession was a “likely outcome” due to Trump’s sweeping tariffs and that he expected loan defaults to rise amid an economic slowdown.
“‘Fixing Trade and Tariffs is a good thing!’ Jamie Dimon, JPMorgan Chase, Chairman & CEO, on Maria B Show!” Trump posted on Truth Social shortly after Dimon’s interview aired on Mornings with Maria.
The president also used his social media site to reassure his supporters that “everything is going to work out well” with his trade policies, despite global markets continuing to spiral and China retaliating on Wednesday with 84 percent tariffs on American goods following the president’s 104 percent import tax on Chinese products.
“BE COOL!” Trump declared. “The USA will be bigger and better than ever before!” Additionally, with trillions of dollars of wealth wiped out from the stock market since Trump’s “Liberation Day” announcement, the president urged his followers to buy the dip. “THIS IS A GREAT TIME TO BUY!!!” Trump exclaimed on Truth Social.
“This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing,” the president added in another Wednesday morning post. “ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!”
During Dimon’s interview with Bartiromo, though, the JPMorgan CEO was less than optimistic about the impacts of Trump’s sweeping and debilitating import taxes, predicting that there would be a negative impact on the American economy in the short term.
While stating that it “is perfectly reasonable for someone to say that trade was unfair,” the financier went on to paint a fairly gloomy picture of what Trump’s escalating trade war will unleash. And while that included the short quote that Trump posted on social media, it wasn’t exactly a glowing endorsement of the president’s actions.
“I think you’ve already seen business sentiment change a little bit. No one’s wishing for that. Hopefully, if there is [a recession], it’ll be short,” Dimon said. “But I do think fixing the tariff issues and trade would be a good thing to do. That will get one major uncertainty behind us.”
Dimon’s remarks came just after he said that he personally felt it was “likely” that there will be a recession due to the president’s so-called “reciprocal” tariffs, which the Chase chairman noted were calculated “wrong” by the administration. Dimon’s company, meanwhile, recently reported that there is now a 79 percent chance of an economic downturn.
On top of that, Dimon expressed concern that loan default will soon spike, leading to bankruptcies and companies shutting down. He further warned that “sticky inflation,” which was something he told Americans to “get over” three months ago amid concerns over pending tariffs, would not be going away anytime soon.
With the country gripped by fears of a recession and the stock market racked by volatility, which has even prompted many panicked MAGA allies to criticize the president, Trump continues to praise himself for the self-imposed global financial crisis.
“I know what the hell I'm doing,” the tuxedo-clad president boasted during a Republican fundraising dinner on Tuesday night. “I know what I'm doing, and you know what I'm doing too.”
