By Alexander Saeedy

JPMorgan Chief Executive Jamie Dimon said there is a bigger concern than the economy when it comes to tariffs.

"I really almost don't care fundamentally about what the economy does next," Dimon told analysts Friday after JPMorgan reported its earnings results. "That isn't that important. To keep the world safe and free, that is the most important thing."

He said he only supports tariffs insofar as they ensure national security, not the broader-based regime the Trump administration rolled out this week. Some economists have said the tariffs of more than 100% between the United States and China would amount to an effective embargo on trade between the two countries.

"The China issue is a major issue," he said. "I don't know how that's going to turn out...t's a significant change we've never seen in our lives."

Dimon highlighted his concerns about national security in his annual letter to shareholders Monday, where he said "we failed to protect our national security, becoming too reliant on potential adversaries for critical products that the military needs."

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(END) Dow Jones Newswires

April 11, 2025 09:49 ET (13:49 GMT)

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