On trade issues, he explicitly opposed broad-based tariffs, but acknowledged their precise application in specific strategic areas, providing a balanced and practical perspective for assessing the current complex global economic challenges.

In his keynote address at the World Economic Forum, Dimon offered a cautious defense of the U.S. tightening its border policies, while warning of the potential risks of "one-size-fits-all" tariffs. He did not fully endorse the Trump administration's confrontational policy style, and systematically elaborated on the pragmatic approach taken by the world's largest economy in dealing with trade frictions, immigration reform, and geopolitical pressures.

Border and Immigration Policy: Control and Reform in Parallel, Rejecting "Single Enforcement"

Dimon pointed out that after years of border policy failure, the United States' move to regain control of the border is justified, as the unrestrained influx of immigrants has caused substantial damage to social cohesion.

However, he also emphasized that Washington needs to accelerate the development of a talent-centric immigration system to create legal access channels for essential workers in key industries such as healthcare, agriculture, and hospitality. He stressed that simply strengthening law enforcement without accompanying reforms would ultimately lead to self-destructive economic consequences and damage the competitiveness of the U.S. economy.

Trade Policy: Oppose "extensive tariffs" and support precise application in strategic areas.

Regarding trade policy, Dimon explicitly opposes using tariffs as a "rough policy tool," but acknowledges their value in precisely defined areas such as national security and countering unfair subsidies.

He further analyzed that imposing tariffs on all consumer goods may increase end-product costs, but it cannot fundamentally enhance industrial competitiveness.

While acknowledging Trump's preference for tariffs, Dimon stressed that policymakers must strictly distinguish between strategic industries and regular trade areas to avoid falling into the policy trap of "default protectionism."

Dimon stated, "Overall, I am not a supporter of tariff policy."

Key Background: The centrist stance is becoming more prominent, and shareholders are becoming a market "bellwether".

As the core decision-maker at the helm of JPMorgan Chase since 2006, Dimon led the bank to become the largest financial institution in the United States in terms of assets—its assets exceeding the combined assets of its three subsequent competitors.

He has long been a centrist voice on economic policy, offering targeted criticism of the policies of both Democratic and Republican administrations.

Its annual shareholder letter has become a "weathervane" for Washington's political circles and Wall Street's financial circles, providing key references for the market to predict the direction of regulatory policies, geopolitical risks and the state of financial stability.

Policy thinking: Abandoning "binary opposition" and advocating precise and coordinated policy implementation.

In his forum speech, Dimon repeatedly warned that policymakers need to abandon "binary opposition thinking".

He emphasized that complex issues such as the restructuring of the trade landscape, the labor market changes brought about by artificial intelligence, and geopolitical fragmentation cannot be resolved through ideological slogans, but require precise policies and multi-faceted collaboration.

Technology and AI: Disruptive Change is Inevitable, Calling for Synergistic Employment and Transformation

In the technology sector, Dimon positions artificial intelligence as a "disruptive change comparable to electricity and the internet"—it evolves faster, has a wider impact, and is unavoidable.

He revealed that JPMorgan Chase has deployed artificial intelligence technology in hundreds of application scenarios, including fraud detection and customer service, but warned that the pace of change in the job market may exceed the social capacity to adapt.

Dimon called for governments and businesses to work together to promote workforce retraining and phased technology implementation in order to avoid the risk of social backlash. This view has important guiding significance for global employment policy making and the digital transformation of financial institutions.

US Economic Outlook: Risk Warnings Amidst Optimism, Opposing "Taking Sides"

Despite the turbulent global political situation, Dimon remains optimistic about the U.S. economy, believing that its resilience, innovative vitality, and deep capital markets form the core support.

However, he also issued a stern warning that inappropriate policies such as price controls and excessive regulation could undermine these core advantages.

Dimon emphasized that the core challenge facing the global economy today is not "taking sides," but rather replacing ideological confrontation with detailed and feasible solutions. This pragmatic proposition provides an important approach to global economic governance in the post-pandemic era.

Previously, regarding Trump's call for Congress to set a 10% cap on credit card interest rates for a year, both Goldman Sachs CEO and JPMorgan Chase CEO Jamie Dimon said it was debatable. Dimon stated that setting a cap on credit card interest rates would be a disaster and would have a greater impact on the economy than on banks.

This cap will prevent 80% of Americans from obtaining credit cards, and its impact will far exceed the harm to credit card companies themselves. He further explained that restaurants, retail, tourism, schools, and municipal institutions will be hit harder than card issuers, and the credit contraction will have a wide-ranging impact on the economy.

Dimon explicitly opposes deep government intervention in pricing, arguing that extensive government involvement in the pricing of goods and services is a mistake.

These remarks highlight the financial industry's deep concerns about potentially aggressive regulatory measures and its attempt to garner public and policy support from a broader economic perspective.

The focus going forward will be on the political momentum of this policy proposal and the subsequent legislative process, and the debates it sparks will test policymakers’ ability to balance cost control with maintaining credit availability.

Summarize:

At the 2026 Davos Forum, JPMorgan Chase CEO Jamie Dimon released a series of pragmatic policy signals, particularly emphasizing opposition to excessive government intervention in market pricing and support for precise and coordinated trade and immigration policies. If the market interprets this as helping to reduce the risks of policy extremes and maintain the relative stability of the US economy and financial system, it will be conducive to stabilizing the US dollar index.

Meanwhile, if the interest rate cap for one-year credit cards is adjusted, it will effectively restrict leveraged funds, which may lead to a temporary decline in US stocks and gold. However, since US stocks and gold buyers rely heavily on foreign investors in addition to domestic investors, a gold price dip may occur.