Fox airing a clip of Jamie Dimon on CNBC

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Fox follows Jamie Dimon in endorsing higher inflation from Trump’s planned tariffs: “So be it”

Economists have long warned about the dangers of Trump’s tariff plans

Written by Zachary Pleat

Published

Even though economists have long warned that President Donald Trump’s planned tariffs would hurt the U.S. economy by reigniting inflation, Fox News and Fox Business personalities are following JPMorgan Chase CEO Jamie Dimon’s example of dismissing the economic threat from Trump’s policies. Soon after Dimon said on CNBC that if Trump’s tariffs are “a little inflationary, but it's good for national security, so be it … get over it,” Fox began highlighting his comment and echoing his defense of Trump’s proposals raising inflation expectations.

This follows Trump promising during his presidential campaign to lower prices, especially for groceries, before admitting that he’s not capable of doing so.

  • Fox cited Dimon to downplay concerns over inflation from Trump’s tariffs

    • On CNBC’s Squawk Box, JPMorgan Chase CEO Jamie Dimon said: “If it is a little inflationary, but it's good for national security, so be it. I mean, get over it. National security trumps a little bit more inflation.” [CNBC, Squawk Box, 1/22/25]
    • Fox Business host Jackie DeAngelis: “If we see a little inflation because we’re going to bring business back home here, and because we’re going to grow the American economy? As Jamie Dimon earlier said, so be it.” [Fox News, The Faulkner Focus, 1/23/25]
    • Fox Business anchor Maria Bartiromo cited Dimon’s defense of Trump’s tariffs and claimed “Trump’s policies are actually anti-inflationary.” Bartiromo echoed past right-wing media whitewashing of Trump’s economic proposals, saying, “He uses tariffs as leverage. I’m not worried about tariffs.” [Fox News, America’s Newsroom, 1/23/25; Media Matters, 9/12/24]
    • Fox News anchor Bret Baier aired a clip of Dimon defending expected inflation from Trump’s tariffs: “Get over it, he says.” [Fox News, Special Report, 1/22/25]
    • Fox Business host Charles Payne: After Dimon defended the expected inflation from Trump’s tariffs, “people are kind of taking a second look at this.” [Fox Business, Making Money, 1/23/25]

    Economists have predicted significant increases in the inflation rate from Trump’s tariffs various tariff proposals

    • The Peterson Institute for International Economics estimates that the recently announced tariffs on Canada, China, and Mexico alone would raise inflation by half a percentage point in 2025, and cost the U.S. more than $250 billion in lost economic growth during Trump’s term. These figures include similar retaliatory measures from China. [Peterson Institute for International Economics, 1/17/25]
    • Studies on other tariff proposals from Trump during the presidential campaign estimated effects of between one extra percentage point of inflation to a doubling of it, and costs for families ranging from $1,700 to $3,900 annually. [Media Matters, 9/12/24]

    Trump campaigned on lowering prices, then abandoned his pledge

    • Trump focused heavily on lowering prices during his campaign. The Associated Press reported that he “often railed on the campaign trail against hefty price increases for bacon, cereal, crackers and other items,” and told shoppers at a grocery store that “we’ll get them down.” The Washington Post chronicled multiple promises from Trump to bring prices down, ranging from energy, to food, to “everything is going to come down.” [The Associated Press, 11/14/24; The Washington Post, 12/12/24]
    • After Trump’s election victory, he reneged on his pledge to lower grocery prices. During an interview, Trump was asked if his presidency would be a “failure” for not lowering grocery prices. He responded: “I don't think so. Look, they got them up. I'd like to bring them down. It’s hard to bring things down once they’re up. You know, it’s very hard.” [ABC News, 12/13/24]