Tags: Trump Administration | jp morgan | jamie dimon | trump | tax | cut | economic

JP Morgan's Jamie Dimon: Trump Tax Cut Will Spark 4 Percent Economic Growth

(Karen Bleier/Getty Images)

By    |   Wednesday, 24 January 2018 08:42 AM

JP Morgan's Jamie Dimon predicts President Donald Trump’s sweeping tax cut will enable the economy and American businesses to flourish and U.S. workers will be rewarded with hefty pay hikes.

He said the tax cut will drive wages higher and spark an economic boom in this country by boosting job creation.

"I think it's possible you're going to hit 4 percent some time this year," Dimon told CNBC from the World Economic Forum in Davos, Switzerland.

"I promise you, we are going to be sitting here in a year and you all will be worrying about inflation and wages going up too high," he said.

"I can't believe that people think having an uncompetitive tax system is a good thing," he added.

The bank said Tuesday it will spend $20 billion over five years to raise hourly pay for works and open branches in new U.S. locations in the wake of the tax cut.

"We're adding sales people, opening more branches," he said. "We think it is good for J.P. Morgan and we think it's going to be very good for the economy."

Meanwhile, senior U.S. officials hit back on Wednesday against suggestions that Donald Trump's "America First" agenda was hurting globalization and trade, setting an aggressive tone ahead of the U.S. president's visit to the World Economic Forum.

Trump himself took to Twitter. "Tremendous investment by companies from all over the world being made in America. There has never been anything like it. Now Disney, J.P. Morgan Chase and many others. Massive Regulation Reduction and Tax Cuts are making us a powerhouse again. Long way to go! Jobs, Jobs, Jobs!" the president tweeted.

World leaders, including Indian Prime Minister Narendra Modi, Canada’s Justin Trudeau and Brazilian President Michel Temer, raised concerns this week at the gathering in the Swiss ski resort of Davos about growing protectionism, in remarks that delegates said seemed aimed at Trump’s policies.

German Chancellor Angela Merkel and French President Emmanuel Macron are also expected to speak later on Wednesday.

Under his America First agenda, Trump has threatened to withdraw from the North American free-trade agreement (NAFTA), disavowed the global climate change accord and criticized global institutions including the United Nations and NATO.

Trump is expected to arrive by Thursday and deliver a keynote address to the forum on Friday, mingling with the same elite "globalists" that he bashed during his 2016 presidential run.

(Newsmax wires services contributed to this report).

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JP Morgan's Jamie Dimon predicts President Donald Trump’s sweeping tax cut will enable the economy and American businesses to flourish and U.S. workers will be rewarded with hefty pay hikes.
jp morgan, jamie dimon, trump, tax, cut, economic, growth
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2018-42-24
Wednesday, 24 January 2018 08:42 AM
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