Businesses worldwide and mainstream economists are fretting about higher prices as President Donald Trump unveils his tariff-heavy economic strategy. But Jamie Dimon, CEO of the world’s largest bank,

The JPMorgan Chase chief executive, who had warned of the negative effect of tariffs, said they could be justified for national security reasons.

JPMorgan CEO Jamie Dimon told people to ignore tariffs that may be coming during the second Trump administration. On $39 million, he can.

Dimon's comments Wednesday come as Trump has threatened to impose a 25 percent tariff on products from Mexico and Canada by February 1 and a 10 percent tariff on Chinese imports. Earlier Wednesday, Trump also teased the notion of imposing "taxes, tariffs, and sanctions" on Russia if it doesn't end its war against Ukraine.

While Trump’s tariff plan has sparked worries about its impact on inflation, JP Morgan Chase ( JPM) CEO Jamie Dimon has just given it the thumbs up. The billionaire CEO claimed in a recent interview with CNBC that tariffs are “an economic tool” and “an economic weapon.”

Dimon was benchmarked not only on the performance of the Wall Street giant, but the board's options for his successor.

This comes after JPMorgan reported a record 2024 financial result, with its net income rising 18% to $59 billion from the previous year's almost $50 billion

JPMorgan Chase raised its chief executive James Dimon's pay by 8.3% to $39 million in 2024, according to a regulatory filing by the US financial institution on Thursday. This is up from the $36 million Dimon earned in 2023.