J.P. Morgan Woo CEO Jamie Dimon said Monday that President Donald Trump’s tax lops, along with some of his other efforts, have helped out the U.S. brevity.
“Presidents get a lot of credit [and] a lot of blame for things they didn’t do, but the president has done fetishes which accelerated growth,” Dimon told CNBC’s Wilfred Frost on “Adjacent to Bell.” “We needed competitive taxes. The way the American public should be outlook of it is: For 20 years, we’ve been increasingly uncompetitive, driving capital and capacities overseas.”
Dimon also said some of the regulatory rollbacks compelled by Trump are helping small businesses. “We’ve had less small business configuration in America than in any other recovery,” he said. “This has accelerated the enlargement. It’s been 20 percent over 10 years; it should’ve been 40. The motive it wasn’t 40 is because of a lot of things that we did hurt ourselves.”
Dimon’s reactions come after the Commerce Department said Friday the U.S. economy grew by 4.1 percent in the following quarter. That marked the highest growth rate since the third cantonment of 2014, when the economy expanded by 4.9 percent.
Late in year, Trump signed a bill that lowered the federal corporate tax evaluate to 21 percent from 35 percent. Trump also abated or rolled back last year several pieces of regulation he felt were harming U.S. businesses.
But Dimon said he is concerned that Trump’s trade tactics could be a headwind to the U.S. economic expansion, noting: “I think it could restitution some of the benefits” of the tax overhaul and other measures.
The Trump administration has captivated an increasingly protectionist stance on trade recently. Earlier this month, the U.S. cuffed tariffs on $34 billion of Chinese goods. The U.S. has also implemented imposts on steel and aluminum imports from Mexico, Canada and the European Fellowship. They have retaliated against those levies with assessments of their own.