Davos 2026: JPMorgan Chase CEO and chairman Jamie Dimon offered a nuanced defence of tighter U.S. borders, cautioned against broad-brush tariffs and stopped short of fully endorsing Donald Trump’s confrontational style, as he laid out a pragmatic view of how the world’s largest economy should navigate trade, immigration and geopolitical strain.
Speaking at the World Economic Forum, Dimon said the United States was right to reassert control over its borders after years of policy failure, arguing that unchecked immigration had damaged social cohesion. At the same time, he urged Washington to move quickly toward a merit-based system and legal pathways for workers essential to sectors such as healthcare, agriculture and hospitality—warning that enforcement without reform would prove economically self-defeating.
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On trade, Dimon rejected tariffs as a blunt instrument but said they had a role in narrowly defined areas such as national security and countering unfair subsidies. Broad tariffs on consumer goods, he argued, risked raising costs without strengthening competitiveness. While acknowledging President Trump’s enthusiasm for tariffs, Dimon said policy should distinguish between strategic industries and routine trade, rather than defaulting to protectionism.
“I’m not a tariff guy in general,” he said.
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Dimon, who has led JPMorgan Chase since 2006 and built it into the largest U.S. bank by assets—bigger than its next three rivals combined—has long positioned himself as a centrist voice on economic policy, often critical of both Democratic and Republican administrations. His annual shareholder letters are closely read in Washington and on Wall Street for early signals on regulatory risk, geopolitics and financial stability.
Dimon also addressed concerns that Trump-era foreign policy could weaken alliances, saying the outcome would depend on intent. He called for a stronger NATO and a more capable Europe, arguing that Western cohesion—rather than fragmentation—was essential to global stability. Dimon dismissed suggestions that Beijing had emerged as the primary beneficiary of U.S. tariff tensions, noting that China faces deep structural problems, including weak domestic consumption, misallocated capital and heavy reliance on imported energy.
While acknowledging China’s rapid advances in areas such as electric vehicles and batteries, he questioned whether that model was sustainable without access to Western markets and alliances.
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At Davos, Dimon repeatedly warned against “binary thinking” in policymaking, arguing that complex challenges such as trade realignment, labour disruption from artificial intelligence and geopolitical fragmentation cannot be reduced to ideological slogans.
Turning to technology, Dimon described artificial intelligence as a transformation on the scale of electricity or the internet—faster, broader and unavoidable. JPMorgan, he said, is deploying AI across hundreds of use cases, from fraud detection to customer service, while warning that job disruption could outpace society’s ability to adapt. Governments and businesses, he said, must coordinate retraining and phased adoption to avoid social backlash.
Despite political turbulence, Dimon struck an optimistic note on the U.S. economy, citing resilience, innovation and deep capital markets. But he warned that poor policymaking—from price controls to regulatory overreach—could squander those strengths. The challenge, he said, was not choosing sides, but replacing ideological battles with detailed, workable solutions.
