JPMorgan CEO Jamie Dimon on Trump tariffs, H-1B visa fee hike

JPMorgan CEO Jamie Dimon said India should continue to remain America’s best friend, even while maintaining its non-alignment policy. Speaking to CNBC-TV18, the top banker expressed hope about US and India resolving ongoing trade issues.

“India is a great friend of America. It should be. I know it is non-aligned, and it should stay non-aligned, but with that non-alignment, we should be their best friend,” Dimon said on the sidelines of the bank’s 10th Annual India Conference.

“I think they want to do something on the American side, and I think they want to do something on the Indian side. I am hoping that they resolve it intelligently. I think it would be good for both parties,” he added.

Dimon on H-1B visa fee hike:

Speaking about US President Donald Trump’s recent announcement on H-1B visas, Dimon said that had caught them offguard. “I believe in merit-based immigration. In fact, I would beg the President (Trump) – he has accomplished border control, which is great. I think all nations want real border control that helps make a nation, but after that, we should have good immigration. I have heard him say publicly, ‘More merit-based immigration, good seasonal workers should stay, doctors stay, and if you get a degree in America, we just stamp a green card onto it.’ I agree with those kinds of things. So, hopefully, we will be engaged with the government on this too,” he said.

The Trump administration has introduced a $100,000 annual fee for companies applying for H-1B visas, the main pathway for highly skilled foreign workers to come to the United States.

Dimon on US economy:

Speaking about the US economy, Dimon said there is weakening, but there is a lot of stimulus. He however noted that he is still a little more cautious on inflation, saying it may not go away so quick because of the global deficits around the world.

Calling himself the ‘Free Trade’ guy, he noted that unfair trade practices and national security remain key concerns. He said the Trump administration is pro-growth, but hasn’t addressed fiscal deficits yet.

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