Navarro says it's "criminal" how much Jamie Dimon charges for credit card interest rates

Speakers

Peter Navarro — Former Director of Trade and Manufacturing Policy

Summary

Navarro explicitly attacks Jamie Dimon (JPMorgan Chase), calling high credit card interest rates (22-30%) "criminal" and stating the President wants them lowered immediately.
He clarifies the administration's tariff strategy is "bespoke" rather than a flat blended rate; tariffs will be set country-by-country based on specific "cheating" methods (e.g., India's tariffs vs. Japan's non-tariff barriers).
The rhetoric signals heightened political risk for large US banks and continued trade volatility for export-heavy economies like China, India, and Japan.

Trade Ideas

Ticker	Direction	Speaker	Thesis	Time
JPM /US BANKS	AVOID	Peter Navarro Senior Counsel on Trade and Manufacturing (Trump Adviser)	"Jamie Diamond, lower your frigging credit card interest rates. You are a criminal the way you charge the American people at 22, 25 and 30%... The president wants you to lower that." This direct, hostile call-out from a key Trump ally signals potential regulatory pressure or executive action aimed at capping consumer credit interest rates. If banks are forced to compress spreads on credit cards, Net Interest Margins (NIM) and profitability will decline. Political headwinds are forming specifically against JPM and the broader credit card issuance sector. The rhetoric may be populist posturing without legislative teeth; banks may lobby effectively to prevent rate caps.	—
JAPANESE EQUITIES / NIKKEI INDEX /INTERNATIONAL EQUITIES /CHINA	AVOID	Peter Navarro Senior Counsel on Trade and Manufacturing (Trump Adviser)	"Every country that we trade with is like fingerprints... they cheat us in their own way... India... Japan... China... [Trump] goes country by country... and he sets the tariffs according to how badly they're cheating us." The confirmation of a "bespoke" (highly specific and likely punitive) tariff regime introduces significant uncertainty for export-driven economies. Japan (non-tariff barriers) and China (mixed barriers) are explicitly named as targets, suggesting their exporters face imminent margin compression or volume loss. Avoid markets heavily reliant on US exports until specific tariff schedules are announced. Diplomatic negotiations could result in exemptions or softer deals than implied by the hardline rhetoric.	1:27